"If the money is for money, I can live very comfortable now, but my passion is to produce high-quality watches. And through independent family operations can be fate tightly clutched in their own The hand, not the fate, is clutched in the hands of shareholders. "- Thierry, Patek Philippe's current president
Six-year-old Thierry Stern inadvertently opened the drawer in his father's office, immediately in front of an enamel pocket watch fascinated him. That is, at that moment, Thierry decided to enter the watchmaking business as his father later, but at the time he did not understand what kind of family business he would take over in the future and the accompanying responsibility that he would be Love table only.
Thierry, who was sitting in front of reporters, still remembered his childhood memories of his childhood scene. At this point he has officially taken over the baton of Patek Philippe from his father Philippe Stern and continues the family business, which has more than 170 years of history. The same is his enthusiasm for watchmaking. In Thierry's opinion, profit is a matter of course, as long as the pursuit of high quality is upheld, while at the same time controlling the fate of the company and taking on the responsibility of employees.
Recently, Thierry Stern, president of Patek Philippe, expressed his opinion on topics such as marketing, family management and succession planning when interviewed by the "First Financial Daily".
Still in short supply Ladies Watch market share will rise First Financial Daily: On the "luxury consumption slowdown in China," the remarks, I do not know if you agree, can combine the performance of Patek Philippe in the Chinese market to talk about? At present, the Chinese market occupy Patek Philippe in the global market in what position?
Thierry: The overall slowdown in the luxury goods industry has become a reality, and we are already mentally prepared for it because of the economic crisis in Europe in the past and the financial crisis in the United States that has led to signs of a slowdown in the luxury goods industry, one day Will spread to China, which in our view is no longer normal thing.
Even so, we believe there is still a strong market demand for truly high-quality, enduring luxury goods that may not necessarily have such a large market for luxury-only items. For Patek Philippe, we still belong to a small and fine business, the product is still in short supply. In the past, the demand may be 150% of production capacity. Now even if the market declines, the demand will still be around 120% of our production capacity.
Our largest market is now Europe, accounting for 40% of the total, while Asia including China and Japan accounts for 33% of global sales, followed by the United States (17%). Based on these figures, I want to emphasize that Patek Philippe pays attention to the balanced development of all markets, otherwise there will be too many risks.
Daily: Do you think there is still room for growth in the Chinese watch market, such as the ladies watch market? We know that men's watch investment and collection performance is more positive, Patek Philippe how to expand the female market?
Thierry: At the moment men's and ladies 'watches are one of the three sizes, but as you said, we think the proportion of ladies' watches will go up further. In the past ladies watch may still be mainly quartz watch, because of its fashion more easily expressed, and the beginning of the ladies watch the watch master may be in the chain, the time bar hope there is a relatively easy way to start, so for them This is an ideal choice. [! - empirenews.page--]
But now more and more women watch owners began to turn to mechanical watches, especially like some complex mechanical watches, this demand began to enlarge, I think this has become a big trend. And from my personal point of view, I think the men's watch and the lady's watch must move forward simultaneously. And I hope that the ratio of "73 to 1" now will be an ideal ratio if it can reach "June 4".
After-sales service is very important to the family and brand. Daily: In the past few years, luxury brands have been developing rapidly in China. However, the after-sales service system has not kept up with the pace of expansion. Consumers' complaints about brand after-sales service are also increasing. Table and luggage products. Why luxury brands in China neglected after-sales service system, the cost is one of the reasons?
Thierry: There are so many complaints in China's luxury goods industry, especially in bags and wristwatches. I think the simple explanation may be that some brands ignore after-sales service because it exists as a cost center, so the brand does not attach great importance This service.
If complicated to explain, there may be another reason is because the maintenance takes a long time, while the Chinese customers or watch owners are often acute, so wait. The third point is also a problem in the industry, is the shortage of watchmakers, which is already signs of Europe, even more so for China, it is difficult to find a sufficient number and experienced watchmaker.
To Patek Philippe for example, the establishment of after-sales service system is very huge investment, but it is also very necessary. Our approach is to set up a watchmaker training center in Shanghai to be trained by our top watchmakers from Geneva to ensure China's after-sales services reach the same level as foreign countries. The relevant manpower in Shanghai after-sales service spending power of about 20 people, Beijing sales plus technical strength is about 20 to 25 people, as well as the problem of the venue. We are also constantly increasing investment, increase our training efforts to ensure that there is a more ideal platform.
Daily: Patek Philippe is currently only two stores in China, but has been equipped with a unified foreign service system, which is rare in the luxury brand, as the fourth generation of heir to the family, can you introduce the business philosophy you advocate and company strategy?
Thierry: Future luxury brands in China will tend to improve after-sales service is more difficult to say, because the status quo is that many brands are not so serious. But for Patek Philippe, after all, we are a family business, from generation to generation, and this mantle will be passed on to my children, so family, brand reputation for us is the foundation of the country, so after-sales service is extremely important of.
Many brands on the market watch repair period of only thirty years, after which it can not be repaired, I think this is unacceptable. Patek Philippe created after the creation of any one of the tables, we now have the ability to repair, it is because of the strong maintenance capabilities, can make a lot of watches on sale, Patek Philippe watches have been able to get a good auction price.
Of course, to achieve this kind of lifelong maintenance capability, there must be a premise that all parts companies must have enough stock, and then that is, the loss of inventory of parts and components, the company must have remanufacturing capabilities, we are in these areas All ready. Just as the internal watchmaker training center we set up three, one for the company's own watchmaker training center, the second is for retailers, the third is for students. I want to emphasize that after-sales service is always a cost center, can not be a profit center, but the company should unswervingly invest in this area.
Daily: In addition to the establishment of after-sales service system, in the near future Patek Philippe in China, there will be other investment plan?
Thierry: In the future may be the third store opened in China, but there is no clear plan. The main constraint is the supply of our watch can not keep up. And now we do not plan to substantially expand production, this is the main reason. It is easy to open a shop in China, but we do not have a sufficient number of tables to support the rapid growth of such a huge market in China.
Furthermore, after all, we are family-owned and not bosses, so we are not limited to shareholders nor are we completely profit-oriented. The only thing we have to do for us is to produce the highest quality tables.
Adhere to the family operation to master their own destiny Daily: Many in the past is a family-style luxury brand has now turned to the company, the group operation, Patek Philippe why the family still insisted operation?
Thierry: My passion is to produce high quality watches. And through an independent family operations can be tightly clutched in their own hands fate. I still remember that when I started my work, I was full of enthusiasm for the watch. I invested a lot of energy in the enamel process, the design of the watch, and the development of the new movement. In the end, it was not just money. Because once you do a good job in several of the above, profits are a matter of course. Now in my position continue to pursue high-quality, the pursuit of process aesthetics, brought me great enjoyment. This is what makes you think you are the richest person, and you can grasp the fate of the company, but also you can enjoy so many employees under your hands, it is also a heavy responsibility.
Daily: How often do you start to realize that in the future you have to undertake the continuation of this family business task? What is your biggest challenge as a family successor? Is there any career development plan for your child?
Thierry: I actually started my career as a watchmaker when I was 6 years old. At that time I was in his father's office, opened his drawer, saw a piece of enamel firing pocket watch, was not able to touch can only see, it is already very fascinated.
Since then I have decided to enter the watch industry. The enamel pocket watch just mentioned is also the first one in the Patek Philippe Museum. My father never pushed me to the table circle, but always said, "Let's see it", "Let's see it again", I myself have always made such an idea, That is what I am today In charge of the company's business location.
Talking about the shift is still a very natural, ripe course. Ten years before I was president of the company, I was one of the three members of the company's board of directors. Before that, I had been in the company for ten years. So I have long been integrated into all the company's work. And we usually arrange it this way: First, I just listen to the board of directors, then ask the questions, and then participate in the decision-making, step by step to adapt to the task of managing the company.
I do not have any plans for my own children because I think we must first ensure that children have a good education, that they have good grades in school, and that they ultimately decide what kind of ways to take in the future. I will not Intervention. Because I personally think that life is only once, so the child's own happiness, his life is the most important, even if he later wanted to be a doctor, as long as he is a good doctor, a truly professional doctor, I fully support.
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