Patek Philippe bounced back in the year after the major pandemic restrictions eased with UK sales rising 80.2% to £187 million.
The watchmaker’s only internally operated boutique, on London’s Bond Street, saw sales increase by 185% to £69 million as shoppers returned to the capital.
Growth in wholesale was back to the long term trend for both revenue and profit while the boutique still appeared to be somewhat behind trend as international shoppers continue to visit London less, and may be put off shopping for big ticket items by the inability to instantly reclaim VAT.
The financial results are for the 12 months ending January 31, 2022, so it is worth remembering that non-essential retail was closed until April last year — more than two months of the reported financial year — so the performance was still affected by covid restrictions.
Operating profit for Patek Philippe UK hit an all time record of £30 million for the 2021-22 financial year.
The boutique contributed £13.4 million of profit compared to a break even in the prior financial year.
