Patek Philippe, the closely held maker of
$10,000-plus Calatrava watches, may be coming up for sale.
The 180-year-old Swiss watchmaker could fetch 7 billion to 9 billion euros ($8 billion to $10 billion).
Patek Philippe has been owned by the Stern family for almost a century, and Thierry Stern became the company’s chairman in 2009.
The 180-year-old Swiss watchmaker could fetch 7 billion to 9 billion euros ($8 billion to $10 billion).
Patek Philippe has been owned by the Stern family for almost a century, and Thierry Stern became the company’s chairman in 2009.
A sale of Patek Philippe would upend the watch
industry and could lead to a bidding war, as it’s one of the last prize assets
that hasn’t fallen into the hands of a luxury conglomerate. Swatch Group AG,
which has bought up brands including Omega, and Richemont, which owns Cartier, make
more than half of Swiss watches.
Patek Philippe has sales of 1.5 billion francs.
In 2014, Stern told Swiss newspaper Le Temps that the company may eventually need to leave Geneva or put itself up for sale if its tax burden wasn’t reduced.
Stern’s wife, Sandrine, works in design at Patek Philippe. Their children are in their teens, and Patek’s chairman says he won’t push them into the business if they don’t want to join.
Patek Philippe has sales of 1.5 billion francs.
In 2014, Stern told Swiss newspaper Le Temps that the company may eventually need to leave Geneva or put itself up for sale if its tax burden wasn’t reduced.
Stern’s wife, Sandrine, works in design at Patek Philippe. Their children are in their teens, and Patek’s chairman says he won’t push them into the business if they don’t want to join.
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| Chairman Thierry Stern |
From Bloomberg (edited)
Photographer: Michele Limina/Bloomberg
