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Work starts on Patek Philippe’s London salon expansion

Branded scaffolding has been erected across the building next door to Patek Philippe’s current London showroom on Bond Street as work starts on a massive expansion and refurbishment of the watchmaker’s boutique.

Branded scaffolding has been erected across the building next door to Patek Philippe’s current London showroom on Bond Street as work starts on a massive expansion and refurbishment of the watchmaker’s boutique.

WatchPro broke the news last month that Patek Philippe is doubling its frontage on the Bond Street salon.

No further details have been shared about the timing or scope of the project, which is taking over a unit vacaded by Hirsh jewellery in 2020.

Patek Philippe’s existing salon is the only point of sale directly run by the brand in the UK.

The split level store, on the corner of New Bond Street and Clifford Street in the heart of Mayfair, is already the highest grossing point of sale in the UK.

In the financial year ending January 31, 2022, the most recent accounts filed with Companies House, the wholesale operation of Patek Philippe reported sales of £187 million to around 40 retail partners.

The directly-operated Bond Street salon notched direct to consumer sales of £69 million.

Patek philippe uk turnover
Patek Philippe’s UK turnover combining wholesale and retail sales (source: Patek Philippe accounts filed with Companies House).
Patek philippe salon turnover
Patek Philippe’s turnover purely through its Bond Street Salon (source: Patek Philippe accounts filed with Companies House).

Expanding its own flagship comes at a time when Patek Philippe is closing 30% of its wholesale doors around the world as the company, in common with many of the Swiss watch industry’s leading players, concentrates its focus on selling from larger stores in the best possible locations.