Patek Philippe Reduces Prices in Americas, Raises Prices in Europe

Patek Philippe has reduced the prices of its watches by 7 percent in the Americas, effective Feb. 10, in reaction to recent currency fluctuations in Europe and Switzerland. In addition to the Americas price decrease, Patek Philippe is lowering prices by 7 percent in Hong Kong, 5 percent in Switzerland, and 3 percent in Asia-Pacific markets. And it is raising prices by 5 percent in Japan and 7 percent in the rest of Europe, minus Great Britain, where they'll remain unchanged.

Since the Swiss National Bank lifted the currency cap on Jan. 15, the exchange rate between the euro and Swiss franc has plummeted to 1.048, well below the 1.20 rate defended by the former policy. This has caused the franc to surge double-digits against some currencies, swiftly making luxury watches from brands such as Patek Philippe significantly more expensive.