Patek Philippe Bucks Cooling Watch Demand With Price Increases [BNN Bloomberg (Canada)]
SWATCH GROUP AG UNSP/ADR (SWGAY)
NASDAQ:AMEX Investor Relations:
swatchgroup.com/investor_relations/financial_announcements/latest_financial_announcements
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Source: BNN Bloomberg
The Geneva-based company, known for its Grand Complications, Calatrava dress watch and Nautilus sports models, increased prices by an average of about 7% on Feb. 1, according to information on its website. The price of the 5236 perpetual calendar model in platinum, for example, climbed to £121,100 ($152,803) from £113,330. The Patek price increases show the company expects it has sufficient brand and pricing power to offset rising input costs and a strong Swiss franc without hurting demand for its timepieces. A Patek Philippe spokesperson confirmed the February hikes and said they were effective across all model lines and regions, declining to give further information. Swiss watchmakers increased prices aggressively amid an unprecedented boom during and coming out of the pandemic, but the industry is now facing a slowdown in demand as well-heeled consumers pull back. Johann Rupert, the chairman and controlling shareholder of Richemont, owner of the Cartier and Vacheron Constant
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