Audemars Piguet - Philippe Merk navigates the downturn | Market NewsWORLDTEMPUS January 23, 2010Carol Besler
Philippe Merk
François Ferrand
Philippe Merk, who took more than as president in the Audemars Piguet manufacturer 1 year in the past, has navigated the brand name by way of most likely the worst calendar year to the watch marketplace in the ten years. Merk sees the economic collapse ball watch , having said that, for a "best of instances, worst of times" state of affairs. "There was a great facet into the financial downturn," he claims. "An adjustment out there was essential. The overeating was clear. There have been a lot of solutions, too many manufacturers. And now, welcome to fact." Just one of your complications that experienced turn into endemic within the watch market, was, according to Merk, " an absence of rationality during the manufacturing cycle. Persons, given that they knew they may not get ten watches, would buy twenty, then thirty. Then the desire stopped abruptly." Merk says the initial three or 4 months of 2009 saw retail watch profits slice in two via the economic downturn, but during the past 3 months, the market has started to appear back but only to 2006 levels. How did Audemars Piguet climate the storm ? "We maintained and strengthened our iconic assortment," he claims. Several new choices inside the Royal Oak selection were released for the Salon Global de la Haute Horlogerie this week, such as the Grand Prix selection iwc 3714 . "These are legendary watches in an proven model
," says Merk. "We is not going to struggle in opposition to the marketplace." The model has also reduced its entry amount selling price to about US$16,000 (for your small-sized Royal Oak Offshore in metal), down with the past entry level cost of US$20,000. He provides, having said that, "there is prospective in all of Audemars Piguet's collections. Each one includes a very clear identification." So as to enable build its profile in the U.S. Audemars Piguet not long ago expanded its New york city boutique, transferring into new premises on 57th Street.