Thierry Stern, president of Patek Philippe, remains optimistic about the luxury watchmaker's prospects despite the industry's challenges. The company has experienced a 25% revenue growth over the past two years, reaching SFr2.5bn ($3.2bn) last year, while maintaining production levels at around 75,000 watches. Stern emphasizes a cautious approach to distribution, having reduced the number of retail points from 500 to 259 since he took over in 2009, focusing on quality over quantity. Patek Philippe's strategic acquisitions, such as the purchase of Beyer Chronometrie, aim to enhance its retail presence without mimicking competitors like Rolex. While the luxury watch market is witnessing increased competition, with the top four brands controlling 50% of the market, Stern is not pursuing expansion into emerging markets like India, citing that most potential clients travel to established markets. He acknowledges rising production costs and currency fluctuations but insists that Patek Philippe's price increases are not aimed at attracting the super-rich. With succession plans for his sons in place, Stern aims to ensure the brand's legacy continues while navigating the evolving market landscape.