Costa (aka Connie)
1471
Thank you very much.
Jul 21, 2023,15:53 PM
I do have a Patek AD but I have to fly there. It would be great if the local one would develop Patek but I don’t think that’s a possibility. Thank you very much for the informative post and response. Have a good weekend.
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Excellent write up ! Thank you.
By: The Wellingtonian : July 8th, 2023-03:27
I am glad my AD is pretty much everything you have mentioned here if not more. Very much in safe hands. Suppose we sometimes take it for granted the positive influence of our ADs on us the clients. Not once I’ve been pressured to buy something I don’t lik...
Extremely knowledgable !
By: The Wellingtonian : July 9th, 2023-08:33
In this part of the world, being a country with a small population, I am guessing the entire operation is smaller than say larger cities. We have a 7th generation family business representing the brand and they do represent the brand with pride. Not all s...
They should take the FHH test!
By: patrick_y : July 9th, 2023-17:35
It's like a fine restaurant, they want to have a Certified Sommelier on the team. They should take the FHH Certification for watch sales professionals. That'll be a future quality standard for the industry. Sounds like I should move to Kiwi land!
Lol you should Patrick !
By: The Wellingtonian : July 10th, 2023-07:55
I don’t really know if they’ve done a formal qualification. But they really are best at what they do.
They should do the formal qualification...
By: patrick_y : July 10th, 2023-16:57
If one naturally knows everything, what's a 2 hour test? It's like if I happen to already know how to be a surgeon, why not go to the medical board and get the official certification - especially if they already work in a jewelry store. The test doesn't r...
;)
By: amanico : July 9th, 2023-06:53
I’m in. When are we opening the new AD?
By: Jay (Eire) : July 8th, 2023-07:12
I will say the first thought that came to mind within the first few paragraphs is that the largest (and big corporate owned) PP dealer near me meets none of these standards. From what I see it’s purely a volume play and in a market where selling a Patek (...
I'd love to go into business with you!
By: patrick_y : July 8th, 2023-09:16
We'd really have the chops to run a well run AD! Although in NYC the costs are so great, and the market is so saturated already... There are no geographical locations left to open a franchise... Mid town has too many dealers already, downtown perhaps? And...
Sad to read that Tiffany & Co is not stepping up to the plate...
By: patrick_y : July 16th, 2023-23:30
The retail world has become spoiled. It used to look like this, people would wander in, without an appointment. The salesperson wouldn't know if the client was serious or just killing time. Yet, the hardworking and knowledgeable salesperson gives a thorou...
Same experience with Tiffany Patek
By: mrakant : November 2nd, 2023-20:19
They should stop employing people who have worked in watch industry and train them. There are lot of people who have great watch knowledge and do not BS about wish list.
Very interesting write up. 👌🏽
By: ArmisT : July 8th, 2023-07:22
The relative significance of a family owned AD is not something I would have ever considered.
Definitely something very important!
By: patrick_y : July 8th, 2023-09:49
Patek Philippe really wants a jewelry store staff that has little turnover who has worked with their clients for years and are on a first-name basis with their clients. "Hello ArmisT, how are you and the family doing? Say hello to your daughter and your n...
Arnault is definitely not the same...
By: patrick_y : July 8th, 2023-16:43
You're absolutely right, jewelers are in a special position, they know the kids age, graduation, and big celebrations within the family. So it's only natural for a jeweler to maintain that relationship with a family through generations. Arnault's empires ...
Well spent time in my opinion!
By: lm6 : July 8th, 2023-17:32
And - as you point out yourself - much of this don't only apply to PP AP's, but equally well to AP's of other brands - and indeed in other branches. The intellectual level of this article as well as many other posts, is what holds this forum above others ...
The boutique idea...
By: patrick_y : July 9th, 2023-00:44
The boutique idea is about control. Lange is going to shift to a mostly all boutique sales model. There will be very few ADs left if any. The boutiques are a VERY HIGH COST and FINANCIALLY RISKY endeavor. Obviously a multi-brand jewelry store is more effi...
From a personal point of view I do not like Langes choice.
By: lm6 : July 9th, 2023-09:55
It's a brand I like very much (and own a pair), because of an AD geographically close by. But there will not be a boutique close. So probably no more Langes for me. And I'm not the only one in this position. Each boutique will probably on average sell mor...
Everyone goes to Mecca...
By: patrick_y : July 9th, 2023-17:34
Shopping is about going into town and making a purchase. Imagine someone in USA... A doctor in Arkansas has to fly to New York or Miami to go buy a Lange... So at least you're in Europe where everything is relatively close by. But yes, I understand where ...
Some more clocks...
By: patrick_y : July 10th, 2023-17:00
This is a cool clock from Around Five. This Miki Eleta creation features race horses and a randomizer ensures a different horse wins almost every time. This one is from Dalibor Farny ...
They're definitely a lot of fun!
By: patrick_y : July 10th, 2023-20:20
The Dalibor Farny and the Around Five clocks are affordable and lots of fun. The Miki Eletas are in the 1-3 million Swedish Krona range - the future Philippe Dufour of clocks. The Roland Iten belt buckles are around 300,000 Swedish Krona and up and he's d...
I knew about those clocks, had seen them before.
By: lm6 : July 11th, 2023-09:21
The Miki Eleta horse race is out of this world (and out of my financial means). Truly impressive. The Around Five clock I've been looking at and thinking about. I like the way it presents the time! Among more classical in style, but very interesting mecha...
The JLC Atmos looks nice!
By: patrick_y : July 11th, 2023-16:04
I don't own one. I feel they're getting really expensive, and they're finicky - they can't be placed near vents nor near anything with even the slightest vibration. The balance wheel is fairly large, which means it takes a little more to shock the clock, ...
He is a very nice individual indeed...
By: patrick_y : July 12th, 2023-07:02
Miki Eleta is a real guy. Nothing over the top. But real. Genuine. Nothing flashy. He once took me to lunch, in his garden. We foraged our own berries, mixed them in yogurt, he started a little fire in a fire pit surrounded with rocks, put on a metal grat...
+1!
By: lm6 : July 12th, 2023-06:08
;-)
By: FabR : July 12th, 2023-13:16
Agree with you.
By: pw927 : July 8th, 2023-11:09
A great read. Thanks for sharing.
Thank YOU for your kind words!
By: patrick_y : July 8th, 2023-20:32
Thank you for taking the time to comment. With respect to Vacheron Constantin - they too are closing a lot of doors. Sometimes indiscriminately.
Thank you for your generous comments my friend and fellow co-moderator!
By: patrick_y : July 8th, 2023-10:09
There are some hard requirements to be a Patek Philippe dealer - a failure in these hard requirements results in MAJOR POINTS LOST, and will likely mean that their franchisee status will be in jeopardy. There are some requirements where there is some flex...
Ahh! Very nice!
By: patrick_y : July 8th, 2023-16:58
I have so many scented candles... And many of them seem to be from a brand called "Mizensir" which is a brand that Vacheron Constantin and Patek Philippe both use for their scented candles. I also don't use candles in my home as my home's Swiss air purifi...
Patrick, thank you for the most insightful article.
By: Rhyzen : July 8th, 2023-15:29
I agree, especially on the part about how clients should be treated as extended family. The moment the relationship feels transactional, one can forget about brand loyalty.
You definitely bring up something very important!
By: patrick_y : July 8th, 2023-17:04
Thank you for your kind words. You mentioned something that's super important. And I want to take it down the rabbit hole at a different angle; Patek Philippe also knows that many of the clients are loyal to Patek Philippe and not necessarily to the autho...
You are right of course my friend.
By: Rhyzen : July 9th, 2023-13:48
The scenario I described is utopian. Allow me to share my personal experience. When I was an undergraduate, I had the audacity to request to check out Langes at a local AD. I made it clear I couldn't afford it, but was fascinated by the brand. The salespe...
Amazing! You had good taste!
By: patrick_y : July 9th, 2023-16:50
I have to admit, I had a similar experience. When I was an undergraduate, I too had the audacity to check out Langes. And the subsequent catalogue did fuel my passion for watches!
Wonderful!
By: Rhyzen : July 9th, 2023-23:40
Such experience does not take much from the AD, but goes a long way. Conversely, a snobbish sales attitude would ruin the chances of future purchases.
This is actually why I think think the AD model is sooooo squeezed...
By: Fastwong : July 16th, 2023-23:13
Staff need to make their numbers and fair play to sell whatever they can however they need to do it or get fired.... But a brand owned boutique can serve a higher cause. There are only two Blancpain boutiques in the US. TWO! And the NYC one is awesome bec...
But consider the holistic ecosystem...
By: patrick_y : July 16th, 2023-23:42
Good salespeople want to go to the hot brands or the hot stores because they want to increase their earning potential and to maximize their effect. Today, a Master Sommelier doesn't want to work at a tiny restaurant with no critical acclaim. A Master Somm...
The woman was kind of silly to ask...
By: patrick_y : July 22nd, 2023-19:31
The salesperson would probably interpret the woman as rude and silly. She's interrupting. And only to ask a really silly question with an obvious answer. Hannibal Lecter would definitely consider her rude. Salespeople have been spoiled lately and are defi...
It happened big time. Starting in 2009...
By: patrick_y : July 23rd, 2023-00:09
Starting in 2008/2009, was just as the time the Japanese really started to slow down buying luxury goods. But no problem, the Chinese more than made up for it. Despite the 2008/9 financial crisis worldwide, the Chinese economy was well off and just coming...
Excellent article and well written
By: Patekfinity : July 8th, 2023-16:28
Certainly a new perspective given all the recent developments with Patek ADs…love reading this! Would be interesting to see how ADs will react to more stringent requirements from Patek after the auction of sealed watches this Spring in HK.
The ADs all got a sternly worded letter from Thierry Stern about that...
By: patrick_y : July 8th, 2023-16:53
All the ADs worldwide got a sternly worded letter from Thierry Stern reminding them not to sell watches with the packaging. I don't know personally which AD did that, maybe it was an AD who was going to lose their franchise or already knew they were going...
Ahh! Good to know!
By: patrick_y : July 9th, 2023-16:56
Yes indeed, I have no opinion about this matter. And I didn't keep a close eye on this problem as I wasn't too concerned about this problem.
We're only human!
By: patrick_y : July 10th, 2023-03:46
If only we were mechanical! Then we could really have no opinion!
True!
By: patrick_y : July 10th, 2023-07:16
So let's be happy that we're humans. Flaws, opinions, and all!
Thanks Patrick for the edutainment!
By: Darron : July 9th, 2023-01:29
Very thoughtful in how the informational was provided and with a fun tone to keep it light. I am actually in awe with the knowledge you choose to share. Thanks and we are lucky to have you and this very special community and platform to share our passion....
Thank you Darrony!
By: patrick_y : July 9th, 2023-17:20
Happy to share what I know with the platform.
Quod licet Iovi non licet bovi ...
By: Marcus Hanke : July 9th, 2023-11:00
This is a marvelous article indeed! However, when you stated at the end that there are several similar strategies from other watch brands, I have my doubts that these have the same high principles in mind as Patek Philippe. I would rather assume that Pate...
You're quite right, there is indeed a double standard.
By: patrick_y : July 9th, 2023-17:19
You're quite right, other brands whom have undergone their retail transformation are not doing it for the same reasons as Patek Philippe. Lange for instance, having spoken with the Lange CEO about this, has decided that they are going to mostly leave mult...
Thank you for reading and commenting!
By: patrick_y : July 9th, 2023-16:53
It's definitely not easy. But for the right person with that happy joyous outgoing personality, owning a watch and jewelry store and building long-term relationships with clients can be a very natural thing. But yes, it's difficult to find "naturals" in t...
They do for some of the big clients...
By: patrick_y : July 12th, 2023-06:49
For clients that they have a relationship with, they do try to help with some transition. They basically offer to introduce the client to any dealer the client so chooses. This is done at mostly the regional level (at the distributor level) and not necess...
Yes. That is the case with most clients.
By: patrick_y : July 13th, 2023-21:07
But there are a few exceptions. It's almost rare. But yes. When I said "For clients they have a relationship with..." the "They" refers to Patek Philippe at the distributor level. So Patek Philippe does help some clients whom they know very well with an i...
Got it makes sense HSWA is the key then
By: Dauster : July 14th, 2023-00:56
how would you even get a relationship with them ? I guess only thru buying MR or rare handcrafts or making friends if you go on a factory visit
Yes. HSWA.
By: patrick_y : July 14th, 2023-19:16
I've said too much already, but the clients at Shreve - may be the smartest people in the world in the tech and science space but buying watches is probably not their forte. The phrase "they don't know what they don't know" definitely applies nearly every...
Thank you FabR for your concise answer!
By: patrick_y : July 15th, 2023-01:24
Yes. This is a very major part of the problem. Also, there are many others, let me present this logical scenario: "the significant clients" Dauster was mentioning are generally/mostly interested in "significant"watches and these significant and special pi...
You're exactly right Dauster...
By: patrick_y : July 15th, 2023-20:06
The client will have to do the pursuing. But many of them go about it the wrong ways too. A lot of subtlety. And that subtlety is not well understood in Silicon Valley's new-to-watches clientele. Heck, it's even lost on the old to watches clientele.
Definitely correct, a little bit of money is necessary in this hobby, but also, Patek can be immensely generous with friendly and passionate collectors (I assume this is the essence of my case -- alas, professors are very far from being billionaires! ;-))
By: FabR : July 16th, 2023-10:47
Needless to say that friendly relationships and mutual respect, in watches like in much of life, are always paramount. But then, the way I view things, the rest should only be happiness and fun, since in the end this is just a hobby.....although the most ...
It's a very rewarding hobby...
By: patrick_y : July 16th, 2023-15:49
Some of the most colorful people I've met are from the watch community. And I'm pleased to count you, my fellow FabR, amongst them!
😂🙏💛
By: FabR : July 16th, 2023-19:33
I concur...
By: patrick_y : July 15th, 2023-19:58
I concur. I would even say it was before March 2022 in my experience. It was hard to even get a simple annual calendar. Perpetual calendars are generally slow to move too, since they're expensive, but those are even often sold out. Exactly. There are no g...
I just walked away.
By: patrick_y : July 17th, 2023-15:18
I explained to the guy, who is just an acquaintance, that he needs to get over the fact that it's not going to happen. I told him, no Patek dealer is going to give you the opportunity to double your money by selling you a watch. I asked him, if you were a...
Some people just are so illogical.
By: patrick_y : July 17th, 2023-21:13
Either that or I must really look like a patsy who can be ordered around and told what to do. I wonder what gave that impression? Maybe I'm too nice of a guy in general. But to the woman in my example, for the amount of money she wanted for her Panerai, i...
Thank goodness!
By: patrick_y : July 12th, 2023-17:44
Being in the part of Europe you're in, I think there's a slightly higher standard of excellence going on. But overall... There's a lot of issues... And when you consider a lot of the sales people are new to high horology and a lot of clients are new to hi...
Superb article. I learned a lot.
By: Costa (aka Connie) : July 19th, 2023-01:57
In my area there is a retailer who has been at the same location for 60 years family owned. They fit the description of a good Patek AD. Is there any way to acquire the brand into a new store? Likely not but I thought would ask. Currently they have many b...
Thank you for your kind comments! I'm glad you learned a lot!
By: patrick_y : July 19th, 2023-02:18
Soon your Patek AD should be getting FHH Certification for some of their staff members. FHH Certification is kind of a test for watch sales professionals to take. This test shows that they have a good understanding about watches; and there are three level...
Thank you very much.
By: Costa (aka Connie) : July 21st, 2023-15:53
I do have a Patek AD but I have to fly there. It would be great if the local one would develop Patek but I don’t think that’s a possibility. Thank you very much for the informative post and response. Have a good weekend.
You're most welcome!
By: patrick_y : July 21st, 2023-17:03
Wishing you a wonderful weekend as well! Thank YOU for your posts too! Looking forward to reading more of your comments!