Patek Philippe, every mention
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tap a year for its mentions
every year anyone Ben Gilbert 30David Rosenthal 12
Verbatim, from the transcripts: the passages where Patek Philippe comes up
Ferrari: What happens when you staple a luxury brand to a sports team? (Audio) · Acquired
- ▶ 2:03:29 David Rosenthal If we were talking about Louis Vuitton or Hermes or Patek Philippe or Rolex, this would be all bad.
- ▶ 3:34:41 Ben Gilbert Could I see going out and buying a Patek Philippe?
- ▶ 3:34:50 Ben Gilbert If you're gonna make the analogy, the crude one, that Porsche is Rolex, I think you can make the analogy that Ferrari is Patek Philippe.
- ▶ 3:35:01 Ben Gilbert The big difference here being that Ferrari is much sort of flashier than Patek is as a brand, and they also have the Tifosi, which adds this whole different element to it.
- ▶ 3:35:34 David Rosenthal Okay, let's step through some of these others, because I think some of them are quite interesting, keeping with the Patek Ferrari comparison.
Rolex (Audio) · Acquired
- ▶ 48:42 Ben Gilbert Or you look at a Patek Philippe.
- ▶ 48:44 Ben Gilbert Geneve right there on the face of every Patek Philippe watch.
- ▶ 48:48 Ben Gilbert They are extremely proud of this.
- ▶ 59:53 David Rosenthal Which supplied cases to Patek and, you know, many other great watch brands.
- ▶ 3:17:34 Ben Gilbert Companies are going out of business, and you've got these few extremely high-end producers, like Patek Philippe, that could fetch more than ever at auctions, even new.
- ▶ 3:17:46 Ben Gilbert So Patek is the poster child for this.
- ▶ 3:17:49 Ben Gilbert They came out with this thing called the Caliber-Eighty-Nine.
- ▶ 3:17:54 David Rosenthal I am very familiar with Patek, but I have not heard of this watch.
- ▶ 3:18:13 Ben Gilbert The strategy in 1979 internally at Patek was for our big anniversary celebration in 10 years, so in 79 for 1989, we want to make the most complicated watch ever made.
- ▶ 3:26:05 Ben Gilbert Along with Patek Philippe, they had record sales that year.
- ▶ 3:26:12 Ben Gilbert Patek was similar to Rolex in their strategy.
- ▶ 3:26:14 Ben Gilbert They had early exploration into quartz, but they came to the same conclusion.
- ▶ 3:26:29 Ben Gilbert But it was actually an easier decision for them, because they're only making 9000 watches a year at this point.
- ▶ 3:26:46 David Rosenthal Patek also, at least now, I don't know if it was the case back then,
- ▶ 3:26:49 David Rosenthal They're in a very different part of the market than Rolex.
- ▶ 3:26:52 David Rosenthal They're in the dress watch complication world.
- ▶ 3:27:14 Ben Gilbert But the luxury world of watches, it's Audemars Piguet, it's Patek Philippe.
- ▶ 3:27:58 David Rosenthal That is Patek.
- ▶ 3:28:57 David Rosenthal And they are a high-volume luxury player, again, in comparison to a Patek or a Audemars or something like that.
- ▶ 3:44:21 David Rosenthal Sell Pentec, sell Audemars.
- ▶ 3:57:44 Ben Gilbert And Rolex cares about that, but not as much as, like, a Patek Philippe.
- ▶ 3:57:48 Ben Gilbert I mean, Patek Philippe, they want to make sure that they are appeasing the collectors and the true fan.
- ▶ 3:58:18 David Rosenthal The typical Rolex buyer is not comparison shopping with a Patek or any other brand.
- ▶ 4:07:19 Ben Gilbert Patek Philippe is at 5.6%, again, by revenue.
- ▶ 4:07:22 Ben Gilbert Patek Philippe makes frickin' expensive watches, and they still only are at 5.6%.
- ▶ 4:07:42 Ben Gilbert On a units basis, so that was revenue that we just talked about, units, they make something like 15 times the number of watches that Patek Philippe makes.
- ▶ 4:08:19 Ben Gilbert Patek Philippe
- ▶ 4:09:26 David Rosenthal They can participate in the same thing that Patek and Audemars, et cetera, are participating in.
- ▶ 4:09:44 Ben Gilbert They can do these extremely, you know, they play in Patek Philippe land.
- ▶ 4:12:30 Ben Gilbert It's quite tempting to say that Rolex is Louis Vuitton and that Patek is Hermes, but Rolex isn't quite Louis Vuitton.
- ▶ 4:13:19 Ben Gilbert And it's actually a pretty good comp to call Patekfalut Ferrari.
- ▶ 4:13:43 Ben Gilbert Bottom line of what I'll stick to is Patek is Ferrari and Porsche is Rolex.
- ▶ 4:14:56 Ben Gilbert Audemars Piguet that we were just talking about, Van Cleef, Patek Philippe, Vacheron Constantin, Blancpain, Piaget, these are all meaningfully more expensive average price points than Rolex.
- ▶ 4:22:31 Ben Gilbert Maybe Patek Philippe, since it's also a vertically integrated, very strong brand, but it's privately held.
- ▶ 4:22:37 Ben Gilbert Patek Philippe is very Rolex-y in a lot of ways, other than the fact that
- ▶ 4:27:33 Ben Gilbert And in some senses, it's Patek Philippe.
- ▶ 4:36:33 Ben Gilbert Fascinatingly, and I'm not sure if this is counterintuitive or not, I don't remember, 20 14 thinking about the watch industry because I didn't, but it was the best thing to ever happen to Rolex, Audemars Piguet, Patek, etc.