pfang56
1845
I’ve been a little slower on Patek lately...
After the 175th I’ve not necessarily jumped on any of the new pieces. Stepping back, so far Patek’s releases - to put it bluntly - are so far new case materials and new dial colors. We are all jumping at a green dial Nautilus but...it’s just that - a new dial on a 10 year old plus model (amazing the criticism to Rolex but just flowers and praise to Patek). I’m hoping that Patek will do something more - Titanium would certainly be a huge step, but I cross my fingers they find a way to put a thinner movement (a la the 240) on the 5711.
One of the things I do consistently like about AP - is that they always test our boundaries and limits of audacity with some of their releases. When CODE came out, I was also in the same boat as most - with major question marks about the future of the brand. I might be the biggest sucker - but once I handled and purchased the CODE perpetual
I realized I unfairly misjudged AP, and recognized that their new releases typically cause an allergic reaction - but that’s the power of the brand and the strategy.
What is most interesting is the numbers - in terms of performance on value share and unit share from the Deloitte study - albeit a weird year of 2020 where volumes in general decreased - AP, as well as Rolex and Richard Mille gained percentage points of both value share and volume share, with AP increasing average price per unit in the same period. What was a rather huge surprise was the fact that Patek, decreased share year over year. I know the Sterns have publicly shared this was part of their strategy, but I’m not sure if the average value per watch increased as dramatically as AP, RM, and Rolex. At least from a business end Patek is making a strategic choice different than others for now, which on paper in 2020 is not as good as the others.
I’m sure in the end - Patek will continue to be Uber successful and be THE pinnacle / aspirational brand for most, today probably more than RM and AP, but i get a sense that newer, bolder models from RM and AP puts Patek’s competitive positioning under pressure, especially for the segment that is really growing quickly and is more associated with Marvel than with tradition. In this case, Patek is smart this year by expanding the model lineup that is most attractive to this segment (the Nautilus line) to compete in the sport luxury segment, but time will tell whether boldness and audacity will win over Patek’s more traditional approach!
Cheers,
Peter
So now after some of the WoW releases...I get a sense AP will probably differentiate from the crowd this week...
I'd expect some RM/Urwerk starship model
Is there even a point?
