Around the Web: Patek Philippe to Postpone New Watch Releases Until 2021

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Watch Pro reported over the weekend that Patek Philippe has made the decision to postpone all planned new releases for this year until 2021 in response to the continued slowdown and turmoil in the watch industry caused by the coronavirus pandemic. 

According to Watch Pro, Patek shared the news directly with their retail partners recently, and there is considerable speculation that Rolex will follow suit and push their planned releases to 2021 as well. 

News of the delay in new releases was provided to Watch Pro off the record by retailers (there has been no official announcement from Patek Philippe), but the consensus seems to be that the postponement has been welcomed by cash-strapped retail partners, who are struggling to sell luxury goods at a time of great economic uncertainty. 

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It remains to be seen how many brands will navigate the new climate we find ourselves in this year, with the combined but related threats of economic recession and widespread illness. Putting a temporary “pause” on introducing new products, however, allows retailers to do what they can to sell through existing stock, without the added expense of purchasing newly announced watches for resale. 

Assuming the news reported this weekend is true, it will be interesting to see how Rolex and other Swiss brands proceed, and if Patek’s actions prove to be a sign of how the industry reacts to the pandemic on a wider scale. 

Read the story in Watch Pro here.

 

Zach is a native of New Hampshire, and he has been interested in watches since the age of 13, when he walked into Macy’s and bought a gaudy, quartz, two-tone Citizen chronograph with his hard earned Bar Mitzvah money. It was lost in a move years ago, but he continues to hunt for a similar piece on eBay. Zach loves a wide variety of watches, but leans toward classic designs and proportions that have stood the test of time. He is currently obsessed with Grand Seiko.
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