Patek Philippe will soon introduce a new model line for the first time in about a quarter of a century, an offering that the head of the family-owned Swiss watch maker expects could one day compete with its most desirable timepieces.
President Thierry Stern said the new model line is expected to be unveiled later this year, or next year, once all the final elements are in place.
“The design is done, and the prototype is ready and really, I like it,” he said at the Geneva Watches and Wonders fair.
A new offering from Patek would herald a significant event for the storied brand founded in 1839 and controlled by Mr Stern and his family for generations.
Patek last introduced a new line in 1999 with its “Twenty~4" women’s collection.
“To create a new line of products — that’s really the challenge,” said Mr Stern, 52, who in addition to his chairman duties, oversees the design of new watches at Patek.
Mr Stern did not say whether the new line would consist of sports models such as Patek’s most sought-after Nautilus — originally designed by Gerald Genta — or dress watches such as the Ellipse or its Complications and Grand Complications lines.
Patek has been dealing with a surge in popularity and demand for the Nautilus collection in recent years.
Prices soared to unprecedented levels on the secondary market during the pandemic before pulling back sharply over the past year, while still selling well above retail prices.
The company responded to the hype by ending production of the blue dial steel 5711, the definitive sports watch that was its most popular model.
The brand later introduced a similar watch, the 5811, housed in a white gold, slightly larger case and at a higher price of about $70,000, compared with about $35,000 for a steel Nautilus.
Mr Stern said more modestly priced watches still remain a key component of the luxury brand’s portfolio.
“You should not only do a million-dollar watch; we don’t have only very, very rich people” as customers, he said.
“We have people who are passionate about watches and who can spend a maximum of $30,000 or $40,000 on a watch — which is already a lot of money.”
Overwhelming demand for Patek’s watches has played a role in the company’s decision to cut its retail distribution network by about 30 per cent.
The company makes 70,000 watches a year and simply does not have the capacity to produce more while maintaining quality, Mr Stern said.
“As I couldn’t increase the production, my only other choice was to reduce the point of sales so that everybody could get a little bit more watches,” he said.
Patek has no plans to follow Rolex and authenticate its watches for resale on the secondary market through authorised dealers, Mr Stern said.
“I’m a watch maker, I’m selling new watches,” he said. “That’s what I’m good at.”
You should not only do a million-dollar watch; we don’t have only very, very rich people
Thierry Stern,
president, Patek Philippe
Mr Stern said his two sons, aged 20 and 21, had both decided to join the family-owned company and would begin learning all aspects of the business next year.
It could take as long as a decade before either might be ready to begin taking on significant decision-making duties, he said.
In the meantime, long-time executive Laurent Bernasconi is taking over as Patek’s general manager after about two decades with the company as part of its succession planning process.
The shift has been in the works for some time, with the move announced internally to Patek employees in 2021.
Although Patek Philippe is one of the last and most coveted independent Swiss watch-making brands and would have no shortage of potential suitors, Mr Stern said there were no plans to sell the business, which his family has controlled since 1932.
A sale to a larger luxury conglomerate such as LVMH or Richemont would almost certainly herald the beginning of the end for the Patek brand and diminish the value of its watches owned by collectors, he said.
“If I’m selling Patek Philippe to a group, for sure I am going to be the winner. I can sell it for billions,” he said.
“But then, I’m going to kill Patek Philippe in less than five years. You can be sure you will only see Nautilus, because that’s what the group would do. This is not what I want to do.”
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
MATCH INFO
Watford 1 (Deulofeu 80' p)
Chelsea 2 (Abraham 5', Pulisic 55')
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
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Price: From Dh590,000
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Healthy tips to remember
Here, Dr Mohamed El Abiary, paediatric consultant at Al Zahra Hospital Dubai, shares some advice for parents whose children are fasting during the holy month of Ramadan:
Gradual fasting and golden points - For children under the age of 10, follow a step-by-step approach to fasting and don't push them beyond their limits. Start with a few hours fasting a day and increase it to a half fast and full fast when the child is ready. Every individual's ability varies as per the age and personal readiness. You could introduce a points system that awards the child and offers them encouragement when they make progress with the amount of hours they fast
Why fast? - Explain to your child why they are fasting. By shedding light on the importance of abstaining from food and drink, children may feel more encouraged to give it there all during the observance period. It is also a good opportunity to teach children about controlling urges, doing good for others and instilling healthy food habits
Sleep and suhoor - A child needs adequate sleep every night - at least eight hours. Make sure to set a routine early bedtime so he/she has sufficient time to wake up for suhoor, which is an essential meal at the beginning of the day
Good diet - Nutritious food is crucial to ensuring a healthy Ramadan for children. They must refrain from eating too much junk food as well as canned goods and snacks and drinks high in sugar. Foods that are rich in nutrients, vitamins and proteins, like fruits, fresh meats and vegetables, make for a good balanced diet
TERMINAL HIGH ALTITUDE AREA DEFENCE (THAAD)
What is THAAD?
It is considered to be the US's most superior missile defence system.
Production:
It was created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out ballistic missiles as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles inside and outside the Earth's atmosphere, at an altitude of 150 kilometres above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then stationed them in 2016, becoming the first Gulf country to do so.
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
COMPANY%20PROFILE
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DMZ facts
- The DMZ was created as a buffer after the 1950-53 Korean War.
- It runs 248 kilometers across the Korean Peninsula and is 4km wide.
- The zone is jointly overseen by the US-led United Nations Command and North Korea.
- It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
- Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
- Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
- Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012.
- Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
