Patek Philippe presents the first new watch model since 1999

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Patek Philippe, the ultra-luxury watch brand, hasn’t introduced a new watch model since 1999. But all that could change, according to Bloomberg.

At Watches and Wonders Fair in Geneva, Switzerland, last week, Patek Philippe & Co. Chairman Thierry Stern said a new watch was in the works. It is expected to be unveiled later this year.

“The design is done, and the prototype is ready and, really, I like it,” he said.

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Patek Philippe is a Swiss watchmaker founded in 1839. The family business’s luxury watches can cost up to $40,000 – to start. Patek Philippe is also known for being “one of the last most coveted independent Swiss watch brands” in the world, according to Bloomberg.

Despite not launching a new model line in almost 25 years (and global economic uncertainty), demand for Patek Philippe watches has increased, according to at the evening standard.

Patek Philippe manufactures 70,000 watches a year. And Stern said the company couldn’t produce more while maintaining quality – perhaps why there hasn’t been a new release for nearly a quarter of a century.

“Since I couldn’t increase production, my only other choice was to reduce the outlet so everyone could get a few more watches,” he told Bloomberg.

“I am a watchmaker, I sell new watches,” he added. “That’s what I’m good at.”

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