The son of Philippe Stern, the honorary president of Patek Philippe, Thierry Stern is the fourth generation of the family to handle the family business. Following his studies in Geneva and subsequent work experience in New York, Stern has worked in different capacities across the company and currently serves as its president.
The Peak: You’ve been in the industry for a few decades now. What are some of the changes that you’ve seen over the years?
Thierry Stern: I started 25 years ago, and the biggest change for me has been the evolution of the client. The knowledge of the client has evolved. It’s amazing, today, what the client knows about watchmaking. So we have [had] to adapt ourselves to the client. The brands today have been listening to the demands of the client. This is not easy to do. It’s interesting for me to see. The world has become smaller. We [have] had to react and evolve without losing our DNA. Good brands also have good after-sales service. Evolution is something normal for me.
The Peak: Asia has always been a large, luxury-watch market. How has Patek Philippe catered to this market? Are there trends in the Asian market and how do they vary from Europe?
Thierry Stern: We know this side of the world as we have been here [for] many years. There [is] much knowledge and many collectors. The world is getting so small, people are traveling very quickly and easily. You have to be vigilant about the type of watch they’re willing to have. [On] one level they always appreciate fine watches. You can realize the highest complication watches. When I talk to the retailers, I tell them they have to be vigilant. The quantity is small and the demand is high. Patek Philippe is a small production but it’s high end. To show that, and to educate people, you have to invite them to the factory. You have to visit. This is what I do with a lot of Asian customers. The main difference [in Asia] is the size and thickness [of the watch]. They are knowledgeable about the size of the watch. A good movement should be beautiful to [look at] and also [be] thin.
The Peak: Australia has been seen as an ‘emerging market’ by some in the watch industry. How do they differ? Are they plugged into the Asia-Pacific region in terms of the market?
Thierry Stern: I don’t see a big difference. I don’t think it’s an emerging market. We’ve been working with them for quite a few years. I see the retailers at Basel and the demand that they have is the same as us. The difficulty for us is educating the watch makers there because it’s far away but to be frank, in terms of demand I don’t think there’s a lot of difference.
The Peak: Does today’s youth market dictate some of the changes to the company’s design or marketing strategy?
Thierry Stern: When I started, I was working with my father. He had a certain vision about the aesthetics of the watches and I had a [different] one. As I spent so many years listening and getting educated about the market, not only in Patek but in the trade, the first key was to give the DNA of the brand. I think my father did it well with me. He trained me. He was quite good at that. [It was important for me to appeal to the current generation with different types of watches.] The same quality but different colors. For example, I remember very well one of the first annual calendars that we did in 1996. I [suggested] a grey dial. It was new. It didn’t exist before. It was platinum, with a grey dial. I told my father, ‘It’s what I like and what the young generation will like’.
The young generation today is successful and willing to invest in Patek and look at, in terms of quality, what their father had and at the same time something that suits their own life, and that’s our goal also — to [recommend] something new but add something to our collection. It’s not only an evolution, I have to be sure I can satisfy their parents and grandparents and [the youth] themselves. This is why we have over 200 pieces in the collection. But I won’t go so far as to say that we are going to create something like the iwatch. There’s a DNA we have to keep.
It’s also interesting to see [how] the older generation is willing to have something young and new. The young generation today is quite happy with Patek. But I have to adapt in terms of design and movement. Young people may like [an] automatic movement but the older generation may prefer [a] manual winding system. The evolution is stronger today and we manage it quite well at Patek.
The Peak: What are some of your favorite watches in the collection over the years and why?
It’s difficult because I create them. The family is deeply involved in the creation. My father designed it before and now I do it with a small team. It’s hard for me to choose this one and not that one because I would never launch a watch I don’t like. But the one i would really recommend is the Ref 5970 Perpetual calendar with Chronograph. This reference was, for me, very important in terms of design because I had to take an icon watch, the 3970 — so it was the same movement but different shape of case, and for many collectors and for the retailers it was one of the top icon watches — [and redesign it]. So when you have to redesign something like this it’s always challenging. It took me two years to find a new case, but I was happy with it, and we launched it and it was a big success. It’s just perfect.
The Peak: What are some watches you would recommend to someone looking to make a solid investment for generations (with the intention to pass it along to future generations of their family)?
It is difficult because we all have different tastes. I always say to my customers and friends go trough the catalogue and you will stop on one [watch]. Keep that one. The first guess is always the best one. The first one you stop on should be the one you should buy. If they have to buy something for their children, I suggest they wait until they are older and can choose themselves. It’s hard to choose for someone. [A watch] is something so personal. It will follow you in your life. You may receive it as a wedding gift or on the birth of a first child or for a work promotion. You have to be part of the purchase. I would choose an Aquanaute or Nautilis, or the 5227 Calatrava because it has a double back and you can engrave something on it.
The Peak
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