Patek Philippe

foversta
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Very good questions. I think we need to consider the evolution of our lifestyle

I can bring some explanations about this PP or the Odysseus. Brands consider,and I think they are right that our lifestyle is changing. And the lockdown has accelerated this change: more work from home, more video conference meetings and so on. People wear less often suits and more often casual chic outfits. Just have a look at the sneakers sales figures... they are becoming the new luxury watches. So they believe that the trend for dress watches is less favorable and now, they should focus more on casual chic pieces. Lange had any before the Odysseus. It was very important (and I would say crucial) for them to release such watch. For Patek, the story is a bit different since they have the Nautilus, the Aquanaut... but it is a brand which wants to get balanced sales figures between the collection. So they considered that a more casual Calatrava was also required. For AP, it was another situation. They could release the Code collection with the main objective to replace the Jules Audemars collection which was not performing. Since the casual chic offer was already in place with the RO / ROO collections which represent a very high % of the sales figures, they could stay in the dress watch offer.
I would also make a difference between the Odysseus which led to high emotions (people love or hate it) and Code 11.59 for which the main part of the criticisms was about a lack of boldness especially on the dial. When I remember the press conference from AP at the SIHH, they explained that they worked very secretly during many years (7 if not wrong) on the Code 11.59. I am not sure they got opinions from influential collectors. And we don't have to forget that collectors don't represent the best profile when you want to release a watch which aim is to be widely produced.
So to answer to your questions:
- yes the brands do a lot of market analysis (and sometimes they do too many): some brands showed me some examples. I remember one case. The lady was explaining me that the piece she was offering was well positioned because it was featuring more complications than the competition at the same price... I reminded her that it is not the way of thinking of customers in the mechanical watches market. We don't buy services or machines... we may prefer a two hand watch than a chronograph even if they have the same price...
- too many market analysis can kill the creativity... and it has been a big problem at Richemont for example.A good idea is coming. Then the project is submitted at the "product approval committee". And the guy from the US market says: you should do a bigger crown. Then the guy from Asia says: you should make a black dial. And the European guy says: you should do it in steel and in so on... at the end: the concept becomes too consensual and the good idea is killed.
- yes they analyse global luxury trends... and they are facing the cruel reality of today's situation: people want less "ownership" but more "experiences". So it is bad news for the watch industry... and on top of that brands haven't found and used the right messages toward the new generation to renew their customer base...
- no they usually don't sollicit the opinions of influential collectors to my knowledge expect on very specific high end pieces or limited run pieces. Believe me the collector who bought the FP Journe Astronomic Blue at Only Watch was very aware of what he was buying!
I have been very long, sorry but it is an interesting discussion.
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