Patek Philippe is far from alone among watchmakers in reducing the number of authorized dealers it will work with moving forward, but news that it is cutting 30% of its worldwide doors will send shock waves through the industry.
WatchPro has been hearing from retailers and their customers when Patek Philippe has pulled out of stores, but the extent of the consolidation had not been confirmed until the brand responded to an inquiry today.
“We confirm that Patek Philippe SA is currently working on a global restructuring of its retail distribution network which will eventually result in a reduction of about 30%,” WatchPro has been told.
The pace of the consolidation varies from country to country, and Patek Philippe is not providing a commentary.
The watchmaker’s website lists 53 locations in the United States.
In the UK, it lists 39 doors, but retailers are already reporting that the number is down to 25.
Thanks to the transparency of Companies House in Britain, where every company has to file publicly accessible accounts every year, we have heard from Boodles, one of the country’s most prestigious jewellers.
In a note accompanying its 2021-22 accounts, Boodles says Patek Philippe has cut back its dealerships from 40 to 25 agencies in the UK in the last year.
“Boodles has lost two of their six agencies. We are assured that there are no plans to scale back further in the foreseeable future,” the company states.
Another former Patek Philippe partner in the UK is Wempe.
As WatchPro reports today, the German retail group has closed its multibrand showroom on Bond Street, which was a stockist for Patek Philippe.
Wempe still has seven stores in Germany offering Patek Philippe, according to the watchmaker’s website.