In an interview with Hodinkee, Patek Philippe’s Thierry Stern explains why his mega-luxury brand won’t bother making a smart watch, unlike other watch brands such as Montblanc and TAG Heuer.
Am I going to fight against Apple, which has nearly the same budget as I do in R&D, except they have five more zeros at the end of it? I can’t compete with that. It’s another way to fabricate watches. We have always been dedicated to mechanical watches, this is what we know and what we enjoy. Working on something electronic may be fun, but it’s not my business. You have to give it to the pro, and I’m not a pro in this type of technology.
In this age where everyone wanting to do everything, all in the name of growth, it is refreshing to see a company that is sticking to its knitting. I like that he knows the reason why they are who they are. That understanding has allowed them to grow and be able to create value and desire for their products. I really wish more companies were as focused on their own excellence rather than chasing growth for the sake of growth.