In an era dominated by electronic timepieces, Philippe Stern revitalized the luxury watch industry. He transformed $40,000 handmade watches into status symbols, bringing new vigor to a struggling sector.
Philippe Stern, who passed away on June 14 at age 88, was a key figure in resurrecting Swiss watchmaking. As the heir to the luxury brand Patek Philippe, he faced stiff competition from accurate and affordable quartz watches introduced in the 1970s.
From 1993 to 2009, Mr. Stern led Patek Philippe as president. His tenure saw the launch of innovative models that expanded the technical capabilities of mechanical watches. His marketing positioned these watches as luxury items, appealing to collectors worldwide.
Mr. Stern’s influence was recognized by sources like Italian Watch Spotter, which praised him for shaping contemporary watchmaking with his visionary leadership.
The 1970s posed challenges for Swiss watchmakers due to the ‘quartz crisis.’ This began when Seiko, a Japanese company, launched the first electronic wristwatch using a quartz crystal oscillator in 1969. These watches outperformed traditional Swiss mechanical watches in accuracy.
As quartz watches from Japan and the US became prevalent, the Swiss watchmaking industry suffered. Employment rates fell sharply from 1970 until the late 1980s.