Patek Philippe Leads in the UK, and Shows No Signs of Slowing Down
Patek Philippe just had one of its strongest years ever in the UK, growing its turnover by 12.4% to around €420 million for the 2024–2025 fiscal year. It’s a result that stands out, especially in a market where even the biggest names have been slowing down. Rolex, including Tudor, grew only 2.4%, while Audemars Piguet was up a healthier 7%. Swatch Group, on the other hand, saw its turnover fall sharply, down 12% to roughly €225 million.
What makes Patek’s rise interesting isn’t just the numbers, but more how they got there. Their Bond Street Salon in London, one of the brand’s flagship locations, played a huge role. The space recently expanded into the neighbouring unit, and sales there jumped 7.5% to around €105 million. Even with renovation and expansion costs keeping profits flat at about €12 million, the store’s overall stock value more than doubled to roughly €25 million by January 2025. That shows how much confidence collectors and retailers have in Patek’s long-term appeal.
Patek Philippe’s steady climb comes at a time when many luxury brands are trying to find their footing. High inflation, a cooling global economy, and rising living costs have all made buyers more selective. Yet somehow, Patek continues to attract serious collectors willing to spend on the big-ticket pieces - the Nautilus, Aquanaut, and their Grand Complications in particular.
According to company directors, the results were “excellent,” and they highlighted stronger demand for higher-value models. This is about buyers who understand what they’re paying for. That collector base seems to be growing, not shrinking, even as prices rise and availability stays tight.
The brand’s slow and measured approach continues to pay off. While others flood the market with new releases or lean too heavily on social media noise, Patek relies on trust built over decades. Every new collection feels intentional - refined, familiar, and focused on long-term desirability. The recent expansion is another example of that.
Audemars Piguet also had a strong year, reporting about €94 million in UK turnover - up 7%. It’s a sign that their Royal Oak still has incredible pull, even as more brands enter that integrated-steel-sports-watch territory. Rolex remains untouchable in total volume, hitting roughly €820 million in UK sales, but it’s clear Patek is closing the gap in the high-end segment.
The question now is what comes next. The past few years have been transformative for the watch industry. Prices on the secondary market have cooled, new collectors are becoming more educated, and the luxury landscape is shifting. Through all of this, Patek seems to be the one brand that moves at its own rhythm - slower, quieter, but always forward.
Their recent financial performance shows something that numbers rarely capture: consistency. It’s the result of a brand that doesn’t rush. Whether it’s a €30.000 Calatrava or a €600.000 minute repeater, Patek manages to make its watches feel important. And in today’s market, that kind of staying power might be their most valuable asset of all.
As Dubai Watch Week and the next round of global releases approach, collectors will be watching closely. But for now, in the UK at least, Patek Philippe sits comfortably at the top - not because of marketing or scarcity, but because they keep delivering what they’ve always promised: great watches that hold their ground when everything else starts to shift.
