Story Highlight
– Patek Philippe UK sales reached £301 million last year.
– Turnover increased by 11% year-over-year.
– Operating profit fell 9.4% to £22.1 million.
– Boutique sales rose 28.1% to £106 million.
– Patek Philippe is UK’s second-largest watchmaker after Rolex.
Full Story
Patek Philippe’s operations in the UK recorded a turnover of £301 million for the financial year ending January 31, 2026, marking an 11% increase from the previous year.
Although operating profits fell by 9.4% to £22.1 million, company executives have characterised the overall financial performance as “excellent.” They attribute the rise in turnover to increased consumer demand and a higher volume of sales for premium products.
Patek Philippe UK oversees both wholesale activities across the UK and Ireland as well as its flagship boutique located on Bond Street in London. The boutique, which underwent an expansion in 2024 to incorporate an adjacent retail space, saw sales soar by 28.1%, reaching £106 million. Additionally, its operating profit improved by 24.8% to £12.6 million, resulting in an operating margin of 12%. In contrast, the combined margin for wholesale and retail operations was 7%.
These financial results highlight the rising costs associated with doing business in the UK, which have impacted profitability. Operating profit had peaked in the financial year ending January 2023 at £30.5 million but has since diminished by 27.5% over three years.
In the broader context of the luxury watch market in the UK, Patek Philippe is the second-largest player, trailing only the UK subsidiary of Rolex—alongside Tudor—whose total sales reached £736.7 million in 2025. However, Rolex experienced a 10.4% decline in operating profit, which fell to £87.1 million. It is also noteworthy that Rolex’s retail arm, Bucherer, reported separate sales of £109.2 million for the 2025-26 financial year.
In comparison, Audemars Piguet’s UK operations saw a 29% increase in sales, reaching £105 million in 2025, underscoring the competitive landscape among luxury watch manufacturers operating in the UK market.
