patek reduced price by 20%!!!!

[stonedialin]

contrary to the popular belief that swiss watches will see a major price hike due to swiss franc surge in Jan 2015, Patek has actually REDUCED PRICE in USA by 7%, 15% in Singapore and as much as 20% in Hong Kong this week!!

http://forums.watchuseek.com/f381/pa...5-1540130.html

good luck to folks with patek on hand - the piece on your wrist just depreciated by 7 to 20%, courtesy of the maker

question now: will the other swiss brands follow suite?

[track15]

I thought Pateks can hold value.

[mrnoppy]

some current-boutique-pricing on patek at HK ADs after 10Feb15

saw some gray dealers still trying to offload their pre-10Feb pieces asking above current-boutique-pricing!

5711 stainless steel
pre-10Feb15 price was sgd35k
post-10Feb15 price now sgd30k (before usual AD discount and tax rebate)
savings sgd5k

5712 rosegold
pre-10Feb15 price was sgd61k
post-10Feb15 price now sgd52k (before usual AD discount and tax rebate)
savings sgd9k

pricing in HKD (sgd1 = 5.72hkd)

source: http://forums.watchuseek.com/f381/pa...5-1540130.html

Just curious what Tax Rebate you're referring to when HK has no tax?

[astroboysg]

oops my bad, was referring to singapore 7% GST

btw singapore and HK patek ADs both share the same 15% slash in pricing since 10Feb15 so i suppose list price of these 2 places should be same?

i heard some models going as high as 20% less

its LPPL lah, local ADs are giving 0% discount now for PP complication and Nautilus. 5% at most for other models like the calatrava.

do your math

[kenkelvin]

Good can get cheaper patek liao

[buncil]

hmmm.... Even price slashed by 50%, don't think I can afford PP

Also, I do not have next generation. So it never be owned by me

[polarinda]

Slash price so what? All local ADs no stock also. Paper talk only. Private dealers selling above boutique because they CAN. Dont buy la if u can wait.

[gnolard]

Slash by 20% also cannot afford.

[satch]

Patek Philippe slashes prices by over 20% in Hong Kong

Staff Reporter
2015-02-15
09:11 (GMT+8)


Swiss luxury watch brand Patek Philippe announced a significant markdown in prices by up to 22% in the Hong Kong market, a move analysts believe is aimed at taking on an influx of European watches through parallel imports, Shanghai's the Paper reports.

Patek Philippe's announcement caught the market off guard, since several of its rivals, such as Rolex and Cartier, have just increased their product prices in the Hong Kong market.

Rising parallel imports of European high-end wrist watches result from a plunge of the euro, The Paper said. The report said that the cheaper euro has placed heavy pressure on Swiss watch brands, which have suffered from the strength of the Swiss franc.

After the Swiss National Bank lifted the currency cap Jan. 15, the Swiss franc rose 41% against the common currency in Europe at one point, and climbed more than 15% against other major currencies.

Yu Xin, vice president of Handeli, one of the largest watch distributors in China, told The Paper that the price cut by Patek Philippe shows the brand's determination to fight the cheaper parallel imports.

In mainland China, Yu added, it could be a trend for Swiss watch vendors to cut prices since their products carry higher price tags in the China market when they are priced overseas. Under such circumstances, Yu said, many Chinese buyers tend to buy overseas.

The Paper said Patek Philippe's most basic wristwatch is priced at 178,000 yuan (US$28,500) in China, higher than the roughly 120,000 yuan (US$19,000) the same model would cost in Switzerland. The wide price gap has prompted many Chinese buyers to go overseas.

Market statistics show that China bought a total of 380 billion yuan (US$61 billion) worth of luxury goods, including high-end watches, in 2014, but only 30% of the transactions took place in China.

In addition, as Chinese authorities have continued the frugality and anti-graft drive which started at the end of 2012, willingness to buy luxury watches there has been dampened.

In the past, luxury wristwatch brands tended to raise their product prices by 4%-6% per year. But this has no longer been the case from the end of 2013.

Sources from a Longines store in Shanghai told the Paper that the brand has not raised its prices for one year. While Rolex announced price hikes in Europe and Japan, its prices in China remain unchanged, the report said.

Bai Yingze, a watch market analyst, said that to boost sales in China it is possible luxury watch brands may cut prices in the future, citing a recent move by A Lange & Sohne, another Swiss watch vendor, to price its newly launched entry-level Saxonia model at €13,900 (US$15,700), down from €16,000 (US$18,200) for its previous basic model.

the focus should be of para 5 & 6

[zayn3]

its time to buy PP...

[bigimpact]

Alas, even with the price decrease, have to leave it to next generation.

[Choo Yao Chuen]

Time to switch from Rolex to Patek

[yavimaya]

Even after the drop in retail pric the 5712R still costs quite a bit to swallow , i guess they dont give as much discount as previously liao.

[tzehou]

Patek Boutiques, no more discount even for regulars. Well... at least for the one at MBS. But I can't say for sure if you are those type that buys a few watches on a monthly basis.

[hotgti]

Need to save for 2 generation for patek even with their discount...nice branding and watch though...