Audemars Piguet sales could overcome those of Patek Philippe

Speaking via a video link to press gathered all over the world, Mr Bennahmias alluded to his decade in charge of AP. “We have 2,500 people working in the company now, double the number 10 years ago,” he said.

He revealed that Audemars Piguet sold 45,000 watches in 2021, around the same number as 2019, and expects a material increase to 50,000 units this year. Growth in production after 2022 will be more gradual, he added.

Audemars Piguet will have wind in its sails this year thanks to 2021 being the 50th anniversary of the Royal Oak. A slew of new models were unveiled at the press conference, but the embargo does not lift until this evening (Wednesday).

Sales of CHF 1.6 billion in 2021 for Audemars Piguet potentially put the business in a neck and neck race with Patek Philippe. According to the annual Swiss watch industry report by Morgan Stanley, Patek Philippe sales in 2019 were CHF 1.45 billion but fell to CHF 1.16 billion in covid-ravaged 2020.

We await the publication of Morgan Stanley’s report, typically it arrives in March, to see whether Audemars Piguet has become Switzerland’s fifth biggest watchmaker. It might also overtake the mighty Longines (Swatch Group), which generated sales of CHF 1.65 billion in 2019 but dipped to CHF 1.15 billion last year, according to Morgan Stanley.

Audemars Piguet Royal Oak Jumbo Extra-Thin 2022