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Striking at the opportune moment (TODAY - 28-29 Nov, 2009)
SWISS luxury watch brand Patek Philippe (PP), which has been available in Singapore for 30 years at multi-label watch boutiques, opened its first standalone store at Ion Orchard last Monday. For the company's president, Thierry Stern, who was in town for the opening, three decades have not been a particularly long wait.
Elaborating on why it was the right time for PP to open its first store here, in partnership with Cortina, Thierry, 39, said, "We are watchmakers; we are not in the retail business. There is no need for us to open many stores because it is important for us to stay exclusive."
"We decided to open with Cortina because they could provide us with a good space (at Ion Orchard). Also, they could provide us with good sales staff. It's nice to have a beautiful place, but if you do not get the proper people who can provide good service, I think it's hopeless."
The flagship store, which covers 700 sq ft, has a near-complete range of the 170-year-old brand's offerings. However, certain pieces-primarily those with exceptionally complicated movements-will not be available in-store because there is a lengthy waiting list for them. The waiting period is about four years.
Thierry explained:"The waiting list is long for the complicated pieces because the work is tough. It can take four years to make a simple movement, and up to 10 years to develop a complicated one."
One such exceptional timepiece is the Star Calibre 2000, which was created by Philippe Stern to mark the millennium. Consisting of 21 complications and 1,118 parts, it was the result of eight years' of research and development, which subsequently led to the filing of six new patent.
Such dedication to detail and handcraftsmanship helps explain why production numbers are relatively small: Only 40,000 PP watches are produced for the global market annually. Unsurprisingly, demand for them has consistently outstripped supply-even during the recent economic slump.
Said Thierry:"Even though total demand has decreased, it's still greater than our production numbers. And although demand for the (lower-priced pieces) has dropped, demand for the complicated pieces has increased, amazingly.
"This shows that our customers are confident that they are investing in something of lasting value."
The PP flagship boutique is located at #02-03 Ion Orchard
SWISS luxury watch brand Patek Philippe (PP), which has been available in Singapore for 30 years at multi-label watch boutiques, opened its first standalone store at Ion Orchard last Monday. For the company's president, Thierry Stern, who was in town for the opening, three decades have not been a particularly long wait.
Elaborating on why it was the right time for PP to open its first store here, in partnership with Cortina, Thierry, 39, said, "We are watchmakers; we are not in the retail business. There is no need for us to open many stores because it is important for us to stay exclusive."
"We decided to open with Cortina because they could provide us with a good space (at Ion Orchard). Also, they could provide us with good sales staff. It's nice to have a beautiful place, but if you do not get the proper people who can provide good service, I think it's hopeless."
The flagship store, which covers 700 sq ft, has a near-complete range of the 170-year-old brand's offerings. However, certain pieces-primarily those with exceptionally complicated movements-will not be available in-store because there is a lengthy waiting list for them. The waiting period is about four years.
Thierry explained:"The waiting list is long for the complicated pieces because the work is tough. It can take four years to make a simple movement, and up to 10 years to develop a complicated one."
One such exceptional timepiece is the Star Calibre 2000, which was created by Philippe Stern to mark the millennium. Consisting of 21 complications and 1,118 parts, it was the result of eight years' of research and development, which subsequently led to the filing of six new patent.
Such dedication to detail and handcraftsmanship helps explain why production numbers are relatively small: Only 40,000 PP watches are produced for the global market annually. Unsurprisingly, demand for them has consistently outstripped supply-even during the recent economic slump.
Said Thierry:"Even though total demand has decreased, it's still greater than our production numbers. And although demand for the (lower-priced pieces) has dropped, demand for the complicated pieces has increased, amazingly.
"This shows that our customers are confident that they are investing in something of lasting value."
The PP flagship boutique is located at #02-03 Ion Orchard