Thierry Stern, President Of Patek Philippe, On The Watch Industry Today

This year at Watches & Wonders, Patek Philippe unveiled 11 new watches that spanned the breadth of the esteemed Swiss watch brand’s collections. We saw everything from the petite quartz Twenty~4 with a brilliant purple dial to a new world time complication and a high-jewelry Aquanaut Luce. At a separate exhibition at its salon on rue de Rhône, Patek Philippe highlighted ultra-exclusive timepieces and dome clocks in its Rare Handcrafts collection that only a select few will ever see, let alone have the opportunity to acquire. The 82 pieces showcased the best of Swiss artistry, craftsmanship, and mechanics on a host of different scenes, ranging from a dreamy — and very unexpected — beach scene with a Hawaiian surfer to traditional floral motifs. This breadth of offerings and mastery of every element of watchmaking are what set Patek Philippe above the rest and have kept it in the upper echelons of the most desirable watch brands in the world for decades.

“There's no way you can come to Patek without knowing the brand and say, ‘I didn't find a watch that I like,’” Thierry Stern, President of Patek Philippe, tells me during an exclusive interview at Watches & Wonders in Geneva.“ It's not possible! There are so many different styles, you have to like one of them. Otherwise, I don’t know.” Indeed, Patek Philippe has around 180 different models, and plenty of options are within each collection. “I have any kind of design and of movements, from the simple one, a quartz movement, to the most complicated one. And I think it's a very good asset,” he says.

In a wide-ranging conversation, we discussed the state of the watch business today, the 25th anniversary of the Twenty~4 collection, his rerelease of the underrated Golden Ellipse, protecting the brand’s identity, and the marriage of mechanics and artistry at Patek Philippe. Stern helms one of the few truly global luxury brands that remains family-owned, and in our meeting, it was remarkable to discover how involved he was in every aspect of the brand. It’s easy to imagine that as the president, he’d be too busy to think about the minutiae of movements and métiers d’art. However, he is equally passionate about both and speaks just as passionately about the 15-20 years it takes for artisans to master their artistic crafts as he does the 68 components necessary to add a date function to a world-time watch.

Stern’s fervent passion for protecting the brand’s identity certainly goes against many of the growth markers that publicly traded companies must strive for. In early 2021, he shocked the watch world by canceling one of Patek Philippe’s most sought-after watches, Ref. 5711, the stainless steel Nautilus with a blue dial. It would be unfathomable at most companies, but it’s a prime example of what makes Patek Philippe different. “I do not have any shareholders pushing me to increase [production],” Stern says. “If Patek Philippe was a company with shareholders, you will only see the Nautilus today, I guess, because they will say, ‘Make a lot of them because it works.’ And this will kill the company in less than five years.” It’s apparent that Patek Philippe is more than just a company to him; it’s a legacy he must fiercely protect, even if that means disappointing some clients and going against market demands.

Precision, complexity, and beauty are at the heart of Patek Philippe. Only the best watch brands can master both complex mechanical movements and métiers d’art. Many of the most technically advanced watches out there are — I’m sorry to say — rather unattractive. For Stern, it’s not enough to be one or the other, which is why so many of its Grand Complication watches have stunning decorations on the dial, case, and movement. “At Patek, we are really very careful about the size of the watch, the beauty of the movement, the accuracy, and how to use it. It has to be simple for you,,” he says. “And all these movements [presented] today, you have no risk, for example, to break them. Because very often I have seen that there are amazing movements, but if you're doing one wrong setting, the whole movement will collapse in one sense. And this is something I don't want to see with Patek.”

This approach truly shines in the Rare Handcrafts collection, which highlights métiers d’art in a collection of dome clocks, pocket watches, and wristwatches. It’s impressive that Patek Philippe dedicates so much time and attention to a rather small size of the business, approximately 2% according to Stern. But, the size of the Rare Handcrafts business doesn’t matter to him. “I'm at the head of Patek, not because it's a good business; I'm the head of Patek because I love designing watches. And the Rare Handcrafts are the ultimate example of what it means to be passionate about watchmaking for me,” he says. “It shows really the know-how and the passion for watchmaking from a family watch company. So it's more, maybe I shouldn't say that, but I do it more for myself than for you. “

It’s not just personal preference that drives the new releases, of course. Stern is in tune with the market and with his customers' desires. A prime example of that is the unexpected release of the new Golden Ellipse. Vintage styles, rose gold, and bracelet watches are very in style these days, and the Golden Ellipse ticks all of those boxes. The gold watch debuted in 1968, but was one of the watches from Patek Philippe that didn’t receive as much attention as other models. “It was always in the collection. It didn't disappear. I never wanted to make it disappear,” Stern notes.

However, the new Golden Ellipse has been received quite well, perhaps surprising the industry at how quickly an underappreciated model can become hot again. “That’s really the big hit I would say. It's very amazing how you can see a vintage style coming back and so strong,” Stern says. “And what is very nice is that the orders that we have now, because I have some feedback from the retailers, are coming from younger people. So, this is really cool for me because it's a vintage piece that I saw when I was a kid... I'm very happy because it shows also the interest for a nice historical piece that you can bring back to life. And I must say the bracelet is really amazing.”

Indeed, the bracelet of the new Golden Ellipse is amazing. The chain-style bracelet is smooth and supple, fully articulated to gracefully and comfortably curve around the wrist. Watch bracelets are frequently not adjustable, especially in this style. It either fits, or it doesn’t. It took 15 years, but Patek Philippe patented this bracelet construction that allows the length to be adjusted to three different sizes. It’s a remarkable achievement, considering the bracelet is crafted from more than 300 links, each manually assembled. The watch has an ebony-black sunburst dial, applied rose gold hour markers, and slim rose gold hands. Ref. 5738/1R-001 is powered by the automatic Caliber 240, which measures 2.53mm, and makes this watch just 5.9mm in height; it’s the thinnest in Patek Philippe’s regular collections.

Another highlight is the new world timer complication. Patek Philippe is the first — and only — watch brand to offer a world-time complication that aligns the date with the local time. While that might sound simple to do, it’s not due to the international date line and the tricky mechanics involved. You might think, “Who cares?” We all have phones that tell us the date. But that’s not the point. Stern discovered the desire for this in conversation with clients, brought it to his team, and created this very specific complication that is easy to use and difficult to break. “We are still always leading for new ideas or useful ideas. They're not gimmicks; they're useful movements with useful indications,” he says. “At Patek, we are not willing to play really with gadgets or gimmicks, as I say… The date is not a gimmick. It's something that you need. It's something that is very useful.” Its watchmakers added 68 parts to achieve this and created a new patent. “It shows that we have a lot of ideas and are a leader in this field.”

Patek Philippe placed this complication in World Time Reference 5330G-001. It was first released as a limited-edition watch at the company’s Tokyo Grand Exhibition in 2023 and is now part of the regular collection. Instead of a classic guilloché dial, it has a modern carbon-fiber motif in a blue-gray color. But the design detail that really got people talking was the blue calfskin strap, which is embossed with a denim motif. “It’s funny; people call it the denim watch,” he laughs. “It does look like a jean bracelet on a beautiful watch. This is also a very, very big hit.”

After Stern announced a new “family” release in 2024, many collectors and fans were eagerly anticipating big news at Watches & Wonders. But you’ll have to wait a little longer. “First, we're going to focus on Geneva, and you will see. But there is always a surprise, for sure,” Stern says. “This is also what I like. I like to do it myself, and it's part of our DNA to make some surprises for our customers.”

With fanfare only increasing, it’s not hard to imagine the rabid response that a new collection from Patek Philippe will elicit from new and established collectors.