What recession or currency crisis? This single Patek Philippe boutique in London sold watches worth $80 million in one year, setting a new record.

Photo - Patek Phlippe

Patek Philippe witnessed stellar sales growth in the UK over the 2021-2022 financial year, bouncing back from the lows of 2020-2021 caused by the pandemic. According to a report by WatchPro, the Swiss luxury watchmaker’s UK sales grew by 80.2% in the period to £187 million (about $215 million USD), while the operating profit hit an all-time record of £30 million (roughly $30 million). The results are for the 12 months ending January 31, 2022, which includes the two months that were affected by Covid restrictions as all non-essential retail was closed during that period. Interestingly, the watchmaker’s wholly-owned boutique on London’s Bond Street alone accounted for £69 million (about $80 million) worth of sales, representing a massive 185% year-on-year growth.

Photo – Patek Phlippe

Patek Philippe’s London location is one of only three of the watchmaker’s wholly-owned shops in the world. Situated in the most prestigious retail corner of London for the past several decades, the boutique underwent a complete renovation in 2014 and expanded into the adjacent 16 New Bond Street shop, increasing the available space from 85 sq.m to 400 sq.m spanning two floors. This helped it become the largest watch presence on London’s Bond Street. Reda Amalo of Paris practice AW² was given the task to overhaul the space.

Photo – Patek Phlippe

The French designer gave the boutique a unique yet beautiful appearance inspired by classic Art Deco motifs. The Bond Street boutique houses the largest collection of current Patek Philippe models. It will be interesting to see if the British pound’s historic crash ends up helping Patek Philippe’s London store to post even better sales figures in this financial year.

Photo – Patek Phlippe
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