Swiss watchmakers may be facing a huge China sales slump thanks to the government’s anti-corruption campaign, but that didn’t stop Patek Philippe from opening its second China “Maison Patek Philippe” location in Beijing this May.
In a recent CNBC video interview, company president Thierry Stern and honorary president Philippe Stern appeared to discuss how the company is coping with the China slowdown.
“Yes, we can see an impact. It’s not that massive, but the impact is there; I can feel it,” said Thierry Stern of the anti-corruption campaign. “It’s sad, but that’s the way it is. There’s nothing on my side that I can do.”
According to him, “Sales have been hit, but not really very tough. Here in China, I've realized that there are some brands that are really known and used as gifts but we're not the top brand in terms of gifting. When you buy a Patek, you don't give it away, you keep it for yourself."