Get All Access for $5/mo

Luxury Watch Brand Patek Philippe Is Set to Introduce Its First New Watch Model Since 1999 The new timepiece is expected to be available later this year.

By Gabrielle Bienasz

Opinions expressed by Entrepreneur contributors are their own.

Courtesy company
Patek Philippe watches.

Patek Philippe, the ultra-luxury watch brand, hasn't introduced a new watch model since 1999. But that all could be set to change, according to Bloomberg.

At the Watches and Wonders fair in Geneva, Switzerland, last week, the President of Patek Philippe & Co., Thierry Stern, said a new watch is in the works. It is set to be unveiled later this year.

"The design is done, and the prototype is ready and, really, I like it," he said.

RELATED: Patek Philippe Stopped Selling Its Most Popular Product. It's A Brilliant Move

Patek Philippe is a Swiss watchmaker founded in 1839. The family-owned company's luxury watches can cost upwards of $40,000 — to start. Patek Philippe is also known to be "one of the last and most coveted independent Swiss watchmaking brands" in the world, per Bloomberg.

Despite not releasing a new model line in almost 25 years (and worldwide economic uncertainty), demand for Patek Philippe timepieces has been surging, according to the Evening Standard.

Patek Philippe makes 70,000 watches a year. Stern said the company can't produce more while maintaining quality — perhaps why there hasn't been a new release in almost a quarter century.

"As I couldn't increase the production, my only other choice was to reduce the point of sales so that everybody could get a little bit more watches," he said to Bloomberg.

"I'm a watchmaker, I'm selling new watches," he added. "That's what I'm good at."

Gabrielle Bienasz is a staff writer at Entrepreneur. She previously worked at Insider and Inc. Magazine. 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Science & Technology

5 Automation Strategies Every Small Business Should Follow

It's time we make IT automation work for us: streamline processes, boost efficiency and drive growth with the right tools and strategy.

Business News

Former Steve Jobs Intern Says This Is How He Would Have Approached AI

The former intern is now the CEO of AI and data company DataStax.

Leadership

Visionaries or Vague Promises? Why Companies Fail Without Leaders Who See Beyond the Bottom Line

Visionary leaders turn bold ideas into lasting impact by building resilience, clarity and future-ready teams.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Marketing

5 Critical Mistakes to Avoid When Giving a Presentation

Are you tired of enduring dull presentations? Over the years, I have compiled a list of common presentation mistakes and how to avoid them. Here are my top five tips.

Business Process

How CEOs Can Take Control of Their Emails and Achieve Inbox Zero

Although there are many methodologies that leaders can use to manage their emails effectively, a consistent and thought-through process is the most effective way to systemize and respond to emails and is a step of stewardship for the effective leader.