OnDemand WTP Pricing Research

Patek Philippe Reduces Prices in Americas, Raises Prices in Europe | Bloomberg Business

ph.logo.sublogos.news.white-ARTICLE

Patek Philippe has reduced the prices of its watches by 7 percent in the Americas, effective Feb. 10, in reaction to recent currency fluctuations in Europe and Switzerland. In addition to the Americas price decrease, Patek Philippe is lowering prices by 7 percent in Hong Kong, 5 percent in Switzerland, and 3 percent in Asia-Pacific markets. And it is raising prices by 5 percent in Japan and 7 percent in the rest of Europe, minus Great Britain, where they’ll remain unchanged.

The newly announced price changes cover all main collection watches from Patek Philippe but will not affect the special edition 175th anniversary collection (including the $2.6 million Grande Master Chime) and ultra-high-end pieces such as minute repeaters and split-seconds chronographs. Current price changes are valid through June 2015, barring further currency changes. This was communicated to retailers in a letter from Patek Philippe Chief Executive Officer Thierry Stern dated Feb. 9.

In an official statement, Patek Philippe USA President Larry Pettinelli said: “Based on the unexpected decision of the SNB on January 15th not to defend the Euro at the 1.2 level, Patek Philippe was forced to make some difficult decisions regarding worldwide pricing. Pricing adjustments were made in an effort to protect retailers and our clients, and ensure there is less of a disparity between the global markets.” Patek Philippe declined to comment further.

Read complete article here:

Patek Philippe Reduces Prices in Americas, Raises Prices in Europe.

Post a Comment

WP-SpamFree by Pole Position Marketing