Audemars Piguet First Watch Acquisition

Key Points from the Discussion

• The Audemars Piguet Mini Royal Oak was not exclusively allocated to influencers in the USA, suggesting a broader, albeit still selective, distribution strategy.
• The rigorous vetting process for a first-time AP buyer, especially for a desirable model, is comparable to the challenges in acquiring initial pieces from other high-demand brands like FP Journe or Patek Philippe, or even luxury goods like a Hermes Birkin.
• psp12 clarified that the specific Mini Royal Oak model's initial rollout was heavily geared towards influencers, and his wife was among the first non-influencers to secure one, necessitating central AP's review of her profile.
• Some collectors view AP's stringent allocation and vetting processes as an 'embarrassment' and a significant departure from the brand's traditional values, alienating long-time enthusiasts.
• The necessity for a client to 'prove who they are' to the brand, even when supported by a trusted AD, raises questions about AP's trust in its own retail partners and the overall customer experience.
• The current market climate, where ADs often exert significant control, makes the acquisition process unnecessarily difficult for genuine collectors.