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EXCLUSIVE: Patek Philippe To Increase Retail Prices In Hong Kong And Singapore Come July 1 | Watches By SJX Réduction Patek Philippe

EXCLUSIVE: Patek Philippe To Increase Retail Prices In Hong Kong And Singapore Come July 1 Date 2015.06.29 Written By Su Jia Xian (SJX) Filed under Hong Kong , Patek Philippe , Singapore Share Facebook Twitter Pinterest Weibo Mail Instagram

In a surprise (or not) move, Patek Philippe will inc ceotedis. Réplique de montres patek philipperease the retail prices of its timepieces in Hong Kong and Singapore on July 1, 2015, reversing the price reductions it implemented in February.

In a move that caused equal amounts of hand-wringing and glee, Patek Philippe cut its retail prices around the world in February 2015 after the Swiss franc surprise . Prices were reduced by between 3% and 7% in various markets, though weak local currency in Europe and Japan meant the prices there rose. The rationale was to ensure geographical parity in prices around the world.  On July 1 that will go into reverse, with retail prices in Hong Kong and Singapore rising. Other markets may also see similar price adjustments. Retail prices in Hong Kong will rise 7.5%, with the revised price list already circulated to retailers in Hong Kong. Prices in Singapore will go up by some 3% to 5%. The price change in Hong Kong brings retail prices to almost the same level as they were before the 7% reduction. Take for instance a hypothetical watch that retailed for HK$600,000 in February. After the price reduction it was HK$558,000. With the new prices that come into effect in July, that same watch will now be HK$599,850. This reversal in prices is unsurprising to some industry insiders who were speculating in the wake of the price reduction that it was temporary, rather than permanent. The earlier price reductions put prices of Patek Philippe watches on par with the competition. For example the Patek Philippe ref. 5170G chronograph cost essentially the same (in fact the Patek cost a tiny bit less) as the Vacheron Constantin Harmony Monopusher Cal. 3300 . Given Patek Philippe’s consistent efforts over the years to price its products at a premium to the competition, in hindsight any permanent price reduction would have been not just a price adjustment, but an overturning of its strategy. Addendum July 6, 2015: Price increase for Singapore added.

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After the SNB decision Patek Philippe has decided to change the retail prices of its products as follows …

 

Switzerland: decrease by 5 %

EUR countries : increase by 7 %

Great Britain : unchanged

Asia-Pacific : decrease by 3 % ( 7% in Hong Kong)

Japan: increase by 5 %

Americas: decrease by 7 %

 

This is in my eyes a logical and necessary step to do so. Rolex also reacted by increase the prices by 7 % in the EUR countries and many, many others will now follow. As far as I know prices in the EUR countries will go up mostly by 7 %. To decrease prices in other markets would be a correct reaction, but I am not sure if all companies act as Patek Philippe does.

I´ll keep you updated!

 

 

 

 

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Twitter Facebook Google+ Delicious   Previous Post ← Pre-Baselworld 2015: Oris Aquis Depth Gauge with a blackened case, a yellow rubber strap and unidirectional revolving top ring with tungsten inlay Next Post Watchstars Awards 2014. These are the five winners: A. Lange & Söhne, Patek Philippe, Ressence, Audemars Piguet and Swatch → 11 Comments Rey pas says: February 13, 2015 at 22:25

So, if I bought a watch in December (5940G), I am screwed…!!!!!

frank says: February 13, 2015 at 15:42

This is great news for Americas. Do you know if the 7% reduction applies both in US and Canada? Thank you

Martin says: February 11, 2015 at 10:16

Is this info officiel and verified by PP?

Alexander Linz says: February 11, 2015 at 10:26

Yes!

Alexander Linz says: February 11, 2015 at 10:27

I did not invent this …

Jon Messer says: February 11, 2015 at 04:05

Keenly, a wise strategy by P-P.

One can only hope others take similar, logical moves for 2015.