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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

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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. 

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