Retail in Asia

In Sectors

Why this luxury retailer isn’t in a hurry to woo China

While global high-end brands are stepping up the battle for Asia’s burgeoning luxury shoppers, Geneva-based watch manufacturer Patek Philippe prefers to keep things slow.

"We don’t want to put all our eggs in the same basket so we are very careful not to increase too much in Asia," Philippe Stern, honorary president of the 175-year old Swiss firm told CNBC’s "Managing Asia".

"[Our Asian business] started in 1966 Japan, which was a booming country where we could have sold plenty but we slowed things down. Japan was almost seeing 30 percent of sales but I said no more and today, it is the same thing for Asia. [Sales] may go up to 32 or 33 percent but it is never going to be much higher," the third generation owner of the business added.
 

(Source: CNBC)