Patek Philippe brings back the 'holy grail' of watches for 170 lucky buyers. robtfrank has the details.
Patek Philippe announced Monday it is making 170 special versions of its most popular watch as part of a partnership with Tiffany & Co., a launch likely to set off a buying frenzy among wealthy watch collectors.
Patek said it is making 170 special Ref. 5711 watches with a Tiffany-blue face that will be sold at select Tiffany boutiques.
"I have still no idea why suddenly, the success [of this watch] came so fast and went so high," Stern said. "But what I know is that I do not want to be a mono-product company. So this is why I stopped the 5711. We made enough of it." The two companies are also family controlled with plans to pass leadership to the next generations. The Swiss Stern family has owned Patek since 1932, while LVMH is controlled by Bernard Arnault, the world's third richest person. Bernard Arnault has for years explored the potential of adding one of the Big Four watch brands — Rolex, Patek, Audemars Piguet and Richard Mille — to its luxury brand stable, which already includes Tag Heuer, Zenith and Hublot.
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