BREAKING NEWS: Patek Philippe increases sales by 9.1% in 2017-18 financial year

Patek Philippe saw sales increase by 9.1% to £155.2 million in the financial year ending January 31, 2018.

It is first of the major watch businesses operating in the UK to published its accounts, and confirms that the luxury end of the market built on a record year in 2016.

Operating profit for Patek Philippe’s UK subsidiary more than doubled last year to £17.2 million.

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The business, which trades as Rhone Products UK Ltd in this country, paid £3.6 million in tax, according to its accounts.

Turnover of £155.2 million will almost certainly make Patek Philippe the second largest watch business in the UK, overtaking Fossil Group, which had sales of £124 million in 2016, and operates in the challenging high volume end of the market.

 

 

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