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Show Notes

(00:00:00) Welcome to Business Breakdowns

(00:02:41 The main differences between Patek Philippe and Rolex

(00:06:32) An introduction to Patek Philippe’s brand

(00:08:47) The founding story of the business

(00:11:14) Henry Graves and the watches that he made for the brand

(00:16:46) The production process for making a Patek Philippe watch

(00:19:56) A look at the 1989 and its importance to the business

(00:22:08) The types of people who were interested in the brand and purchasing at auction in 1989

(00:24:41) An overview of the successful marketing campaigns of the 1990s

(00:27:26) Patek’s strategy at auctions, embracing both consignment and buying

(00:30:38) The general size and scope of the Patek Philippe secondary market

(00:32:20) The brand’s perspective of the secondary market and whether it affects the way they market new items

(00:36:47) John’s personal experience working at Patek Philippe

(00:40:36) The company’s distribution strategy

(00:43:42) Breaking down the points of sale, branded dealers versus authorized dealers

(00:44:29) The mindset behind consolidating dealers and the exclusivity it created as a byproduct

(00:46:22) How the LVMH acquisition of Tiffany has affected Patek Philippe

(00:49:18) The potential of Patek Philippe being acquired by another company

(00:53:48) Lessons learned from Patek Philippe