patrick_y[PuristSPro Moderator]
28516
The point of this article is to point out the strengths of Patek Philippe but also point out we shouldn't put it on a pedestal and think they're the best at everything.
Oct 28, 2018,12:13 PM
I'm glad that spirits can be lifted by this article.
Comments:
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I am equally disappointed
By: iadxb : October 28th, 2018-09:53
I can see no reason for removing the original post (or hiding it under this one). I used to believe that watchprosite had clear guidelines on what content will be edited or banned, sadly there seems to be no room for objective discussion when it comes to ...
I went back and re-read the original post
By: iadxb : October 28th, 2018-12:08
Didn't see anything of 'this brand is crap my brand is better' sort of language, not even an insinuationof it. What I am really objecting to is the censorship, which I found unjustified in this case.
Bye. [nt]
By: Miranda : October 28th, 2018-12:10
Let me explain....it put on hold
By: Miranda : October 28th, 2018-10:18
I want this forum to move forward in a manner that allows for shared passion I don’t mind genuine critical analysis of a watch or movement, but generalised this is overhyped etc etc I am no longer tolerating Nor am I going to tolerate talk about investmen...
Advertisement budget
By: tom2517 : October 28th, 2018-09:16
Is gotta to be far more than 3% of the revenue. In fact, it’s probably the biggest expense. For luxury product it’s usually 50% of the revenue. I think Tom Ford has this quote “how to increase sales by 300 million? Easy, give me 300 million advertisement ...
As an analyst and consultant in this field...
By: patrick_y : October 28th, 2018-12:10
I'm fairly certain it's around 3%. Part of that advertisement is co-opted with retailers. The total budget in advertisement is somewhere around 3% or a little more. Not all retailers use their co-op marketing budget on advertising (some dealers use the fu...
How did you arrive at 3%?
By: tom2517 : October 28th, 2018-16:56
What’s the breakdown? What % does the cost of making the watch occupies? % of other costs like admin? % of margin? I am pretty sure LV spent close to 50%.
Doesn't figures like this comes from analyst like you?
By: tom2517 : October 28th, 2018-20:59
“Forbes’ list of world’s most valuable brands show Louis Vuitton invests 42.9 percent of its 12.9 billion dollars sales on marketing and advertising activities.” Most consumer good companies invest between 10-30% of sales into marketing, and there is no r...
Excellent post Patrick!!
By: sham1 : October 28th, 2018-09:35
Well researched and it covered every relevant area without being heavy reading. Yes I am a Patek fan and my small collection is built around Pateks but I do acknowledge that there are better finished watches around especially among the independents. I kne...
This was a really interesting read, Patrick -- thanks for it!
By: CR : October 28th, 2018-09:36
One thing I'm very curious about is your statement, "All the other brands try to emulate Patek Philippe in one way or another...." With what other brands and models do you see that Patek-specific emulation clearly happening? I'm curious because I don't no...
Permit me to clarify...
By: patrick_y : October 28th, 2018-12:28
Every brand wants to be a leader in either design, resale perceptions, innovation, and quality. The best job super desirable brands have done is in design and resale perceptions. Look at Richard Mille; it can't compete with Patek Philippe in a classic wat...
PP makes overhyped mass market products but a few gems too
By: Alex25 : October 28th, 2018-10:03
PP has maybe the best marketing department. The way they advertise is remarkable. Apart from usual means of AD they don’t bother to bid on auctions and inflate prices. For example: not long ago a steel chronograph was sold for about 12 mil. dollars. The A...
Let’s talk facts
By: Alex25 : October 28th, 2018-11:18
If you have arguments against what I have written I would be grateful to discuss them.
Here are the facts
By: Miranda : October 28th, 2018-11:24
one wants to hear informed opinion and knowledge. You have neither. What you have is uninformed bias. And that has no place on the forum. Bye.
Good points!
By: patrick_y : October 28th, 2018-12:35
They do have some really strong pieces. Incredibly strong pieces. And yes, some may be the subject of overhype. But who can we blame for that overhype? Probably less informed consumers? Hopefully this article will help inform consumers.
Thank you Gordon for reading!
By: patrick_y : October 28th, 2018-12:39
I think they're going to stay on top for a long time. Good marketing, good product, good everything. Sure, some references won't be hot, some are duds, a lot of women's models sell slowly (not to mention it seems the new women's model isn't garnering univ...
Agree with Gordon
By: traineract : October 30th, 2018-09:32
I like the rather adventurous approach by Thierry to engage a greater younger audience. Also echo that this is a great post by Patrick. Well researched and balanced. Happy to read such posts, always.
Thank you for the generous comments and thoughts...
By: patrick_y : October 30th, 2018-11:56
I never really noticed Thierry going after a younger audience specifically, but now that you mention it, I can see he has done some things that are possibly targeted at a younger audience. Good point! And thank you for sharing your very nice comments. I'm...
Thanks Patrick for this knowledgeable and beautifully written post.
By: FabR : October 28th, 2018-11:38
Honestly, as a mathematician, I am normally skeptical about the strength of an argument that begins with "As a business analyst, here is my objective response to...", but I'm glad that I went on reading, as I truly found it a compelling and thoroughly res...
My pleasure!
By: patrick_y : October 28th, 2018-12:49
Healthy skepticism is always a good thing! I read everything with some skepticism, even the news from major news sources. My analyst role is mostly utilized in technology and luxury retail for Wall Street fund consulting. I thank you for continuing to rea...
Indeed...
By: patrick_y : October 28th, 2018-23:55
I hope they do work hard at training these apprentice artists. Only through this training will this art survive. Otherwise, it will likely be lost permanently. The gentleman making the wood marquetry is definitely a special treasure. Suzanne Rohr has slow...
We try to have some bare minimum journalistic standard on PuristSPro...
By: patrick_y : October 28th, 2018-12:53
We always think, what posts have value and can give insight. And yes, I personally think it's a little strange to say "A a business analyst, here is my objective response to..." as I think it's not proper to state this. However, I've been reading some Har...
That's a good point...
By: patrick_y : October 28th, 2018-12:40
The German Silver is a more consistent material compared to the harder rhodium plated brass. The rhodium plate also covers up a lot of the beautiful embellishment. Good point. I forgot that one!
Hi Patrick! Excellent ode to being a Patek aficionado!
By: Spangles - Dr. Tabby : October 28th, 2018-12:28
I'd like to put forward the hypothesis that the finishing issue and the move to a new certification are perhaps linked. Further, I would say that for some fans of horology Patek's move away from hand finishing for much of their catalogue represents a much...
So hard to say...
By: patrick_y : October 28th, 2018-12:58
The only way one can really say is to compare the factory operations and production processes before and after the Geneva Seal. And the sad thing is that I can't state with certainty what the operations were before and what their operations are now becaus...
Thanks for your kind reply!
By: Spangles - Dr. Tabby : October 28th, 2018-13:45
I'm curious about modern Patek and its recent history and hope to learn more thanks to experts here on purists like you.
Very well worded from you both.
By: datograph : October 28th, 2018-13:52
Sometimes I also find it very difficult to discuss certain things with these clients. They surely have some of the most annoying fans in the watch world...
Yep
By: tom2517 : October 28th, 2018-17:08
Agree with what you said. World time not the best, but most charming.
Patek is yours to buy or not
By: watch-er : October 28th, 2018-13:08
the choice is always yours. If you think some other brand represents better quality at a better price, optioning for that brand would make sense for you. One thing that supports PP product value is that the Company has a very long history of standing behi...
Absolutely
By: Baron - Mr Red : October 28th, 2018-13:13
We all make personal choices based on personal and subjective criteria. Can anyone really make a definitive judgment of what is or is not correct? Beauty is in the eye of the beholder. Some value customer service as THE issue when buying a high end watch....
True... It's a holistic view...
By: patrick_y : October 28th, 2018-20:18
I probably over emphasize on movement finishing more than I should. I often remind myself, it's a whole package, wear-ability, etc.
Agreed, but
By: Baron - Mr Red : October 29th, 2018-01:38
If movement finishing is THE key issue for you, then that is fine. It’s how you should evaluate a watch. But, for others, it might be history of the manufacturer that is THE key issue with movement finishing way down the list. For those people, that is al...
Again, I would say that
By: Baron - Mr Red : October 29th, 2018-02:33
... the emphasis that any individual places on the importance of the finishing is 100% personal and specific. Regardless of whether it’s Rolex or Lange, the importance that any one person places on a factor is just specific to them. I am going to use Mile...
Good point!
By: patrick_y : October 28th, 2018-20:15
But why is Vacheron Constantin, a company that is likely to be around for another 20 years, not enjoying the residual value of a much younger company like Patek Philippe? Hence Patek Philippe still has a special X factor that other companies don't yet enj...
Hi Patrick
By: benlee338 : October 28th, 2018-17:43
I am the OP on this subject. Thank you for your very detailed analysis and reply to my original post. This writeup certainly brings a lot of credibility and pride for us PP owners and I learned a lot from it. I also greatly enjoyed the feedback and commen...
Hello Ben!
By: patrick_y : October 28th, 2018-20:46
I'm not sure that the hacking feature would wear out the mechanism. I don't know. I unfortunately can't shift your original comments on your original thread to here. Once it's in hold, I can't access it. Have a great week Ben! Thank you for your response!...