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STATE OF THE NATION’S TOP 10 WATCHMAKERS: No.2 – Patek Philippe UK

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

Operating profit for Patek Philippe’s UK subsidiary more than doubled last year to £17.2 million. The business, which trades as Rhone Products UK Ltd in this country, paid £3.6 million in tax, according to its accounts.

Patek Philippe’s UK operation is considered one of the most successful in world, thanks to the work of managing director Mark Hearn and his team.

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The watchmaker does not increase the number of watches produced for its entire worldwide distribution, pegged at around 70,000 units, so UK growth can only be achieved by securing a higher allocation or pieces that sell at higher prices.

The retail network is also consistent, with only 22 companies authorised to sell Patek Philippe watches, although some partners have several doors.

 

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