Patek Philippe president Thierry Stern has reaffirmed his commitment to keeping the Swiss watchmaker independent and family owned, identifying his two sons as its next generation of leadership.
Speaking at the opening of the Patek Philippe Watch Art Grand Exhibition 2026 in Milan, Stern said the event, which open to the public free of charge, was intended to communicate more than simply the company’s horological expertise.
“This is not only about watches, it’s about the legacy, it’s about the family-owned business, it’s about pleasure,” said Stern, who represents the watchmaker’s fourth generation of family leadership after joining the business in 1990 aged 20.
The statement carries particular weight in a luxury market dominated by publicly listed conglomerates. Patek Philippe is one of the industry’s largest remaining independent houses and has been owned by the Stern family since 1932.
The privately held company does not disclose its financial performance, but Morgan Stanley has estimated annual revenue at approximately CHF2.5 billion, as reported in the Financial Times. The watchmaker produces about 75,000 timepieces a year.
“I’m alone, I’m not part of a group,” said Stern during the event. “This is my challenge. This is my destiny, and it will also be the destiny of my two sons.”
His eldest son, Adrien Stern, has worked alongside him for approximately 18 months and attended the Milan opening. Stern said his younger son, Tristan Stern, is expected to join the company in about a year, adding further clarity to Patek Philippe’s succession plans.
The comments reinforce Stern’s previous insistence that the company is not for sale, despite persistent speculation about potential interest from major luxury groups. Family ownership allows Patek Philippe to take a longer-term approach to production, distribution and investment without the demands placed on listed companies by shareholders.
Patek Philippe’s largest exhibition to date
The Milan event is the seventh edition of Patek Philippe’s Watch Art Grand Exhibition and, at 2,900 sq m, is the largest the manufacture has staged.
More than 500 timepieces are on display at the event at Milan’s CityOval venue, which was formerly known as the Palazzo delle Scintille. The exhibition spans historic watches, current collections, grand complications and rare handcrafts. Watchmakers and artisans are also working within the exhibition to explain the skills and production processes behind the brand.
The exhibition is open to the public free of charge until 18 October. It follows the Tokyo edition in 2023, which attracted approximately 74,000 visitors.
Patek Philippe has also created seven limited-edition watches for the event, paying tribute to Italy through new references and decorative techniques.
The Milan exhibition also provided the setting for the launch of Gondolo Ladies First, a six-watch collection designed to broaden Patek Philippe’s offer for women. Inspired by the landmark 2009 Ladies First Chronograph – the brand’s first in-house manually wound chronograph movement that unconventionally made its debut it in a women’s watch – the new jewellery watches have cushion-shaped cases, with guilloché dials and editions with complex gem setting. The entry-level Gondolo Ladies First watches are priced at approximately £30,000, making them the most accessible gold ladies models offered by the watchmaker.
To coincide with the Gondolo Ladies First collection, Patek Philippe launched a new campaign titled I Am. I Wear. The campaign, which has a dedicated room within the Milan exhibition filled with colourful fashion mannequins, uses bold pop colours and fashion-led visuals, signalling a relaxing of the formal marketing codes the brand is known for.
