Tuesday, May 7, 2019

The Sapphire Crystal Ceiling is Broken - at Patek Philippe USA

Otherwise known as the Henri Stern Watch Agency.  In a welcome breath of fresh air, Patek has taken up the challenge to live and work in the 21st century, and hire not just the best man for the job, but in fact the best PERSON for the job by appointing Lisa Jones as the new President of US operations.

Lisa Jones is by no means a newcomer to Patek, having spent the last 16 years with the brand.  She has worked in several areas including pr, sales and marketing.  Prior to her new appointment, she was the vice president.

She takes over from Larry Pettinelli, who has been a fixture with Patek since the 80s.  Mr. Pettinelli will be, apparently, embarking on the "next phase of his career" according to the announcement.  And no pals and gals, I have no idea what that really means either.

Now a few things that have been cause for speculation:

1.  What is the near-term future for Patek?  It has been a "family" business for some time, but the next generation of Sterns have, if other reporting is to be believed, not expressed a lot of interest in carrying on in the firm.  Is it time to sell-up and move on?  
(Dear Reader, feel free to insert your random theories involving Biver, Richemont and undisclosed Chinese or Saudi buyers here).

2.  It has been mentioned by some that the brand's Patek sais quoi has lost some of its "thingness".  Re-sale values of pre-owned Patek pieces are, according to a few pundits, flat.  Re-sale values of Rolex, on the other hand?  Off the chain.

3.  The Swiss watch industry, on the whole?  Not really doing all that well.  The next round of export numbers are due to hit on the 28th, so we'll sift through those tea leaves when the time is ripe.

But, all that being said, congratulations to Lisa Jones for her new position, and congratulations to Patek Philippe for joining the the rest of the world in modern times.  We will see if LVMH is finally ready to follow-suit ; )

1 comment:

  1. Many congratulations to Lisa, the Stern Family, and Patek for crashing through the "sapphire ceiling". Looking forward to your continued success!