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Patek Philippe Not for Sale, Says Thierry Stern

BASEL, SWITZERLAND — Patek Phillipe is not for sale, according to Thierry Stern, president of the family-run firm.
“Of course not! These are just rumors — this rumor has been cropping up for 30 years — it’s never been a question,” he told WWD at the Baselworld watch fair.
“We’re not for sale…we enjoy what we do, that’s largely enough for me — what would I do with money — I’m still young,” he added.
In January, an analyst note from Berenberg set the watch industry abuzz with talk that the company could soon be on the block. The luxury sector is on the lookout for signs of consolidation; comments from Kering in February that it is interested in bulking up its luxury portfolio, and has its eye on watches brands has further heightened speculation.
Patek Philippe, which is one of the leading Swiss watch brands, accounts for around 5.7 percent of the market, according to analysts at Morgan Stanley.
The house’s production is limited to 60,000 timepieces a year, which is not enough to fully take on the Chinese market, Stern also said.
“China, with more than 1.5 billion people, is a gigantic market, but we don’t have the capacity,” he said, noting the company

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Via:: https://wwd.com/accessories-news/watches/patek-philippe-not-for-sale-says-thierry-stern-1203089691/