Patek Philippe President Expresses His Views On Topics Such As Market And Family Management.

The six year old Thierry Stern accidentally opened the drawer in his father's office, and he immediately became fascinated by the enamel pocket watch.

It was at that moment that Thierry decided to enter the tabulation industry as his father did, but at that time he did not understand what kind of family business he was going to take and the heavy responsibilities he had with him. He liked the watch very much.

Sitting in front of reporters

Remembering the scene of childhood, still excited him.

At this time, he has formally received the baton of Patek Philippe Patek Philippe from his father Philippe Stern, and continues to continue this family business with more than 170 years of history.

Invariable is his enthusiasm for tabulation.

In Thierry's view, as long as we stick to the pursuit of high quality, profit is a natural thing. At the same time, we can grasp the fate of our company and assume responsibility for our employees.

A few days ago

President Thierry Stern expressed his views on topics such as market, family management and succession planning in an exclusive interview.

The supply of women is still in short supply, and the market share will rise.

Question: "

I wonder if you agree with the remarks on slowing consumption in China. Can you talk about the performance of Patek Philippe in the Chinese market? What position does the Chinese market occupy in the global market of Patek Philippe?

Thierry: the overall slowdown in the luxury goods industry has become a reality, and we have been psychologically prepared for it. In the past, the economic crisis in Europe and the financial crisis in the United States have made signs of slowdown in the luxury goods industry, so one day it will spread to China, which seems to us a normal thing.

Even so, we believe that there is still a strong market demand for truly high quality and lasting value luxury goods. Those who only focus on fashionable luxury may not necessarily have such a large market.

For Patek Philippe, we still belong to a small and sophisticated enterprise, and the product is still in short supply.

In the past, demand may be 150% of capacity. Now even if the market is declining, our capacity will remain at around 120%.

Now our largest market is Europe, accounting for 40%, while Asian sales, including China and Japan, account for 33% of global sales, followed by the US market (17%).

On the basis of these figures, I would like to emphasize that Patek Philippe pays attention to the balanced development of all markets, otherwise there will be too much risk.

Question: do you think there is room for growth in China's wrist watch market? For example, women's wrist watch market? We know that men's investment and collection of watches are more positive. How can Patek Philippe expand the female market?

Thierry: at present, men's watches and ladies' watches are on the scale of "73 open". But as you say, we feel that the proportion of women's watches will go up further.

In the past, women's watches may be mainly quartz watches, because their fashion is easier to express, and at the beginning, women's watches may wish to have a relatively easy way to start in the upper chain and time bar, so this is an ideal choice for them at the beginning.

But now more and more women are turning to mechanical watches, especially mechanical watches like complex functions. Such demand is constantly increasing. I think this has become a big trend.

And from my personal point of view, I think the men's watch and lady's watch must be pushed forward synchronously, and I hope that the proportion of "73 open" now can reach a "64 opening", which will be an ideal proportion.

After sales service is very important to family and brand reputation.

Question: in the past few years, luxury brands have been developing rapidly in China, but the after-sales service system has not kept pace with the expansion. Consumers have more and more complaints about brand after-sales service, especially watches and luggage products.

Why is luxury brand neglecting the after-sale service system in China? Is the cost one of the reasons?

Thierry: there are so many complaints in China's luxury goods industry, especially bags and wristwatches. I think the simple explanation may be that some brands ignore the after-sales service, because it exists as a cost center, so the brand does not pay much attention to this service.

If the explanation is complicated, there may be another reason because the maintenance needs a long time, and the Chinese customers or the watch owners are often acute, so they can't wait.

The third point is also a problem in the industry, that is, the shortage of watchmakers. This has already been a sign in Europe. Especially for China, it is difficult to find enough and experienced watchmakers.

Taking Patek Philippe as an example, the investment in establishing after-sales service system is very huge, but it is also very necessary.

Our practice is to set up a training center for the watchmaker in Shanghai, which is provided by our senior watchers from Geneva to ensure that China's after-sales service reaches the same level as that of other countries.

In addition, the relevant manpower in Shanghai has spent about 20 people on after-sales service, and Beijing sales plus technical strength is about 20~25 people, and there are also venues.

We are continuing to increase investment and increase our training efforts to ensure an ideal platform.

Question: Patek Philippe currently has only two stores in China, but it has been equipped with a unified after-sales service system abroad. This is rarely seen in luxury brands. As the fourth generation of family heirs, can you introduce your business philosophy and company strategy?

Thierry: it is hard to say whether the future luxury brand's after-sales service in China will be perfect, because the real situation is that many brands do not pay much attention to it.

But for Patek Philippe, after all, we are a family business, passed down from generation to generation, and this will also be passed on to my children later. So the reputation of family and brand is the foundation for us, so after-sales service is very important.

Many brands of watches in the market have only thirty years' repair period. After that, they can not be repaired. I don't think this is acceptable.

Now we have the ability to maintain any table produced by Patek Philippe. Because of its strong maintenance capability, Patek Philippe's watch can always get a good auction price at many auctions.

Of course, in order to achieve this life-long maintenance capability, there must be a premise that all parts companies must have enough stocks. Moreover, the spare parts must be remanufactured, and we are ready for them.

Just as the training center of the internal watchmaker, we set up three training centers, one for the company's own watchmaker's training center, the other second for the retailers, and third for the students.

I want to emphasize that after sale service is always a cost center and can not be a profit center, but the company must be committed to this aspect.

Question: in addition to the establishment of after-sales service system, will Patek Philippe have other investment plans in China in the near future?

Thierry: maybe third stores will be opened in China, but there is no definite plan yet.

The main constraint is that the supply of our watches can not keep up.

And now we have no plan to substantially expand production, which is the main reason.

Opening stores in China is easy, but we do not have enough tables to support the rapid development of such a huge market in China.

Moreover, after all, we are family businesses, not bosses, so we are not limited to shareholders and are not fully profit oriented. The only thing we have to do is to produce the highest quality list.

Persist in family operation and grasp destiny.

Question: many family luxury brands have now turned to companies and collectivization. Why do Patek Philippe still insist on family operation?

Thierry: my passion is to produce high quality watches.

And through an independent family operation, you can hold your destiny firmly in your palm.

I remember that when I first started working, I was full of enthusiasm for the table. I invested a lot of energy in the enamel process, the design of the watch and the development of the new machine, and it was not just for money.

Because once you have done a good job, the profit is a natural thing.

Now I am constantly pursuing high quality and pursuing technological aesthetics in my position, which has brought me great enjoyment.

This is what makes you feel that you are the richest person, and that you can master the fate of the company, and you can also afford to have so many employees under your company. This is also a heavy responsibility.

Question: when did you begin to realize that you are going to undertake the responsibility of continuing the family business? What is your greatest challenge as a family successor? Is there any career development plan for your child?

Thierry: actually, when I was 6 years old, I had decided to take the career of watch.

At that time, I opened his drawer in my father's office and saw a watch made of enamel, which was very fascinated when I could not touch it.

Since then, I have decided to enter the watch industry.

The enamel pocket watch just mentioned is also the first collection form of Patek Philippe Museum.

My father never pushed me into the circle of the watch, but kept saying, "look again," and "look again." I have always made such an idea, so that's the way to run a company today.

Speaking of handover is still a very natural and natural process.

In my first ten years as president of the company, I was one of the three members of the company's board of directors.

Before that, I have worked in the company for ten years.

So I have already integrated into all the work of the company.

And we usually arrange it like this: first I only listen to the board of directors, then ask questions before participating in decision-making, so as to adapt to the responsibilities of the management company step by step.

I do not have any plans for my own children, because I think we should first ensure that children have good education and ensure that they have good grades in school, and ultimately they decide for themselves what way to go in the future, and I will never interfere.

Because I personally believe that life is only once, so children's own happiness and their lives are most important, even if he wants to be a doctor later, so long as he is a good doctor and a real professional doctor, I totally support it.