Patek Philippe's president Thierry Stern: ‘The ability to adapt while maintaining our identity is what distinguishes us'

CNA

2 days ago

As the fourth-generation custodian of Patek Philippe – the oldest independent, family-owned Genevan watch manufacture – Thierry Stern carries the immense responsibility of upholding one of the world's most revered watchmaking legacies, while ensuring it continues to move with the times. In an exclusive interview with CNA Luxury at Watches and Wonders Geneva 2025, Stern spoke candidly about the brand's ambitious 15-piece 2025 collection, the successful Cubitus gamble, and the milestone debut of a perpetual calendar in the Twenty~4 collection – the first complication in the ladies' line without diamonds.
Tell us about Patek Philippe's latest timepieces for 2025.
We've tried to cover a lot of ground with this year's collection and what I really like about it is that there's something for everyone. When you look across the 15 novelties, you'll find pieces in every segment: Traditional, sporty, and highly complicated. That's what makes this collection so strong.
Many of our retailers have told me that they appreciate that we've returned to our roots with certain models, like the beautiful Calatrava or the Split-Seconds Chronograph with an enamel dial. At the same time, we're also introducing bolder, more modern pieces, like the Reference 6159G Retrograde Perpetual Calendar with that striking sapphire dial.
The key for me is to elevate the entire Patek Philippe watch family. I'm not just focusing on the Nautilus or Calatrava here; we're bringing every line forward. And that's crucial, because our clients like choice. Everyone has different tastes and we want to offer something that speaks to each of them. I wouldn't be surprised if men buy the new ladies' Twenty~4 model for themselves too. The trend of smaller case sizes is growing, but to be honest, the watch is also extremely wearable.
Speaking of the Twenty~4, its latest perpetual calendar reference is the first complication in that collection. Why did it take so long to introduce a complicated watch for women?
That's a very good question. I've believed in complicated watches for women for many years, but it wasn't easy convincing the commercial team. They were focused on selling more traditional feminine pieces – usually set with diamonds – because that's what had always worked.
When we introduced the Annual Calendar for ladies in 1996, it was well received, but it still leaned toward a dressier aesthetic with diamonds. Every time we developed a women's watch, we felt the need to add diamonds.
But times have changed. Today, there's a growing number of women, who truly appreciate complications not as collectors, but as daily wearers. They're not necessarily looking for something ornate or dressy. They want pieces they can wear confidently throughout the day without compromising on mechanical sophistication.
I'm proud of what we've created. It's a true daily watch, designed for the woman who understands the craft, beauty, and technical excellence behind a Patek Philippe timepiece. And the fact that it's powered by an automatic movement is very important. Most women, like many men, don't want to hand-wind their watches every day. It's just more practical.
There was also some hesitation about the pricing. Traditionally, many of these watches were gifted by husbands or partners, but once the price passed a certain threshold, the conversation would shift to: 'Oh, $100,000?! That's too expensive.'
Meanwhile, these same men wouldn't hesitate to buy a Ferrari or Porsche for themselves. However, things are evolving. Many women today are buying their own watches. They're successful in their careers, know what they want, and they have the means to invest in something exceptional.
I hope to encourage more men to see the value in gifting their partners something truly meaningful – a timepiece that celebrates her tastes and accomplishments. Instead of spending on that Porsche, consider a beautiful watch for your wife or girlfriend. It's not just a gift, but a great investment in a purposeful calendar that's enduring and beautiful. I believe that with the right storytelling from Patek Philippe and the press, we can help shift this mentality and mindset.
You've also launched a new 40mm size for the Cubitus this year. How has demand been so far and was launching Cubitus a risk?
I knew that when we unveiled the Cubitus last year, collectors and our top clients would all want one. With the second wave of deliveries, we're now seeing a new group of clients coming in – which was always part of the plan when we developed the new collection. We've been organising dedicated Cubitus events, including an upcoming one for Southeast Asia, specifically to attract a new generation of collectors. And so far, it's working well.
Yes, launching the Cubitus was a risk, but it was a calculated one and I was confident from the very beginning that it would succeed. At Patek Philippe, we have to surprise people. Our clients expect bold creativity and innovation from us. I don't see myself, or the brand, as a follower. We must always remain at the forefront of design, and that often means taking bold steps. Developing the Cubitus wasn't easy. In the early stages, we went through many sketches. But the moment I saw the first ones, I knew we had something special. Today, I'm very pleased to say it's a success. It shows the world that taking a chance can absolutely pay off, as long as it's done right.
The Cubitus wasn't created as a one-off – it was conceived from the start as a full-fledged collection. Every detail – size, movement, colour – has been carefully planned. It's like a chess game. We began with the larger size, and this year we've introduced the 40mm version. What you see today is the result of decisions we made three to five years ago. And of course, we've already mapped out what's next. In fact, the best Cubitus hasn't been launched yet. I already have it and it's a killer piece. But for now, I'm keeping it under wraps. When it's finally revealed, it'll be something truly special.
As for the new size, the 40mm is excellent. It's not 'small' at all and it has real presence. We've prototyped smaller versions, but I'm not entirely convinced. From a design and movement perspective, going smaller might mean compromising with a quartz movement, which I don't think fits the Cubitus identity. So we're studying it carefully, especially in terms of whether the current size already works for women, which I believe it does.
Earlier this year, a rare 1948 Reference 1518 emerged with a price tag of US$20 million (S$25.8 million). Should it reach the asking price, it would be the most expensive watch privately sold outside a charity auction. What are your thoughts on the extraordinary auction figures for Patek Philippe timepieces?
It's definitely a nice reward in many ways and we're proud of it. Seeing Patek Philippe watches reach such high prices at auctions is more than about prestige; it shows that people truly appreciate and understand the enduring value of fine watchmaking. It contributes to the brand's success and, personally, it's very motivating for me and my entire team.
I often remind them: This is why we have the responsibility to continue developing and crafting the finest watches in the world. It's not easy, because perhaps one day, a watch made by someone on the team today will be auctioned 50 or even 100 years from now. That's a powerful form of internal motivation and a meaningful way to communicate our purpose within the company.
There's a real sense of joy and pride in knowing that our watches retain such strong value over time. One of the things I value most is that every single Patek Philippe watch, even one dating all the way back to 1839, can still be repaired or restored today. That's a major reason collectors have so much confidence in the brand.
We not only fix a watch, but restore it using the same tools, same techniques, and even the original stock parts, whether it's a bridge, gear, or wheel. When a watch is restored, it's done so as it was originally made. That authenticity and continuity are priceless.
And of course, there's the trust that comes from being a family-owned company. We're not part of a conglomerate, and I believe that matters greatly to our clients. If Patek Philippe were ever sold to a large group, I don't know what would happen to the value of these timepieces. What I do know is that many collectors would be disappointed and some might even walk away from the brand.
That's why I say we've a responsibility not just to maintain quality, but to protect the legacy. We're not chasing numbers. To be honest, I don't track financial figures weekly or even monthly. I focus on how many watches are being crafted because when the quality is there, the figures will follow.
In a crowded high-end watch market with brands pushing bold designs and complex innovations, how does Patek Philippe maintain its distinctive identity?
It comes down to experience. I've been working at Patek Philippe for over 30 years, and from the very beginning, I've been involved in design. That's something I believe is vital – the family must play a role in the creative process.
There are two reasons for this. First, it's the most enjoyable part of the job. The creative side is where I find the most fulfilment. But more importantly, it allows us, as a family, to transmit the DNA of the brand and to set the limits of how far we can go. This understanding of when to push boundaries and when to hold back only comes with experience. My father taught me that, and now I'm passing it on to my sons, Adrien and Tristan.
This ability to adapt while maintaining our identity is what distinguishes us because not everyone can do this. A good example is the Reference 6159G Retrograde Perpetual Calendar. Why did I change it? Because I noticed the interest for the white dial version was declining. So, I reimagined it. Today, it features a bold sapphire dial – aggressive, modern, yet still unmistakably Patek Philippe. And it has been a huge success. These decisions are calculated, not accidental. There's a lot of know-how that goes into this reference. The new dial is very expensive and difficult to produce, but we take that on because we know it's worth doing so.
Striking a balance between tradition and innovation is what keeps us relevant. After several years of introducing bolder designs, I decided it was time to return to something very traditional: The manual-winding Calatrava with an opaline rose-gilt dial. It was a deliberate move, and collectors are delighted because they haven't seen something like that in years.
This experience gives us an edge in a competitive market. I know the product, the trade, and when to take the right kind of risks. Many other brands either go too far – so far that people don't connect with the product – or they don't go far enough, and end up releasing what's essentially the same watch with a different crown or dial colour. That's not innovation.
At Patek Philippe, we innovate meaningfully, whether that's through bold aesthetics or technical mastery, like this year's Reference 5308, a grand complication with a blue dial. Was it a risk to move away from the traditional look? Perhaps. But it works – it's striking, legible, and well-balanced – hallmarks of what we stand for. Of course, the movement remains essential. People know our reputation for mechanical excellence. That's a core part of our identity, and we protect it carefully.
To ensure this legacy continues, I've begun involving Adrien and his brother in design meetings. Even if they're just observing for now, it's important that they listen, absorb, and start forming their own perspectives. That knowledge stays with you.
Looking to the future, what do you see as the next frontier in terms of technology, artistry, or philosophy?
I believe one of the key frontiers is technology, specifically in materials. Not in terms of design aesthetics, but in how new materials can enhance the precision and reliability of movements. There's tremendous potential for evolution in this area.
At Patek Philippe, we already have many exciting ideas for new movements. The concepts are there – some are already on paper – but at the moment, the tools, machines, and materials needed to actually produce them don't yet exist. That's why staying at the forefront of technology is so important. It enables us to bring those innovations to life when the time is right.
What makes us unique is our ability to combine traditional craftsmanship with cutting-edge technology. I have watchmakers who work exactly as they did 100 years ago – step by step, by hand – and I also have state-of-the-art equipment in the same building. That balance is essential.
Without this mix, we wouldn't be able to evolve or meet our current level of production. Producing 72,000 watches a year, all at the same uncompromising standard of quality, is a great challenge. Compared to some other brands, that number might seem modest, but at our level of craftsmanship, it's a major achievement. And if we were doing it entirely by hand, it simply wouldn't be possible to maintain that consistency. We're human after all. Some days we feel great, others not so much, and that affects the quality of manual work. That's why blending human skill with precision technology is so critical in what we do.
As the fourth-generation leader of Patek Philippe, how do you see the brand evolving under the next generation of leadership?
It's still a bit early to say definitively, as Adrien has only just started, and his younger brother is still finishing university. What's most important is that I'm able to pass on a company that's well-organised and surrounded by truly talented people – that's the real key to success.
We're not geniuses, and I don't pretend to be one either. My ideas around design or commercial strategy come from years of experience, but none of it would matter without the people behind the scenes. I couldn't build a single watch on my own. That's why it's essential to pass on not just the brand, but a strong, stable team across all divisions. With that foundation, it's very hard to go wrong.
I'm confident in the next generation because they already know many of these people, and they'll learn the rest. If they have the motivation and passion, which I believe they do, then the future is bright. But that passion is essential. You can't run a company like Patek Philippe if you don't love watches or design. People notice right away if your heart isn't in it.
My role is to support them when needed, just as my father supported me. They need to grow and take responsibility in their own time. That said, it's just as important to stay grounded. In this industry, there are people who let success go to their heads and walk with their noses in the air. I don't like that. Stay humble. Be kind and polite. Be respectful. That's how you earn respect from others. It's not about instilling fear – real leadership inspires, it doesn't intimidate. I hope my sons will understand and embrace that philosophy.
What is the secret to Patek Philippe's success?
Our independence is the secret to Patek Philippe's success. We have more than 2,000 people working under one roof in our new factory and that means I can maintain stability within Patek Philippe. I don't have a marketing team from a large group telling me what I can or cannot design. When I design a watch, I don't start with a price in mind. I don't care about that; I just try to make the best timepiece possible. We only calculate the price afterward. Some watches are extremely expensive to produce, and sometimes we have to make two just to get one that meets our standards. That's the level of complexity we're working at.
And I always tell our production team: if you can make every single component perfectly on the first try, then it's not a Patek Philippe. We operate at the edge of what's technically possible. That means sometimes we fail and that's okay. It's part of creating something extraordinary. If you're not failing, you're not pushing hard enough. Failure teaches you. It gives you experience. And only with experience can you create a truly exceptional product.
If you could design your dream watch with no limitations, what complication or aesthetic would it feature?
To be honest, that's what I do every year. I never place limits on what we can design and that's what I love most about my role. But what I love most, perhaps even more than complications, are the pieces from our Rare Handcrafts collection. These are truly special as they represent a centuries-old tradition that we're committed to preserving. It's not something we do for commercial reasons. In fact, these pieces are incredibly expensive to produce, the margins are minimal, and they don't make a significant impact on our overall revenue. But the credibility, pride, and joy they bring to us and to our collectors are immeasurable.
When I see the happiness of a client, who receives one of these handcrafted pieces, that's when I know it's all worth it. Each piece is a labour of love, be it an intricately engraved pocket watch or hand-painted dome clock. And I enjoy pushing boundaries with them, experimenting with wood marquetry, enamel work, and miniature painting. Sometimes we create pieces that are so intricate and time-consuming, they should go straight to our museum. But of course, we do make a few available for collectors.
Take, for instance, our latest wood marquetry dome clock. It's priced at CHF640,000 (US$778,000; S$1 million) and to be honest, we make almost no profit on it. It took an immense amount of time and effort to develop, and we failed many times before getting it right. Some might say the price is crazy, but in reality, it's fair. Other brands might charge two or three times as much for a similar piece, but I prefer to price it according to the true value of the work.
This is a lesson I'm also passing on to Adrien. Yes, it'd be easy to raise prices and take advantage of demand. We could sell every dome clock for half a million, or price the marquetry one at CHF2 million and someone would buy it. But we'd lose our credibility and in the long run, that'd damage Patek Philippe far more. That's why we do things the way we do – why we're still independent, respected by our clients, by our retailers, and even by our competitors. Because in the end, that respect is what truly matters.