Audemars Piguet to Boost Production as Brand Vies With Patek Philippe

(Bloomberg) -- Audemars Piguet, the luxury Swiss watchmaker best known for its Royal Oak model, will increase production in 2022 as sales approach the level of rival Patek Philippe's.

The company expects to make 50,000 watches this year, up from 45,000 sold in 2021, it said in an emailed response to questions. Revenue rose by about a third to 1.5 billion francs ($1.6 billion) last year, it said.

Deep-pocketed buyers who saved cash canceling travel plans during the coronavirus pandemic have been driving a rebound in sales of high-end Swiss timepieces. Family-owned and controlled, the nearly 150-year-old Audemars Piguet is one of the biggest three independent Swiss watch brands, along with Patek Philippe and Rolex.

Patek garnered sales of about 1.6 billion francs last year, Bank Vontobel analyst Jean-Philippe Bertschy said in an email. That's up from an estimated 1.2 billion francs in 2020. Patek itself doesn't publish revenue figures, and neither does Rolex.

Audemars Piguet, based in Le Brassus in the Vaud canton near Geneva, was the sixth-largest Swiss watchmaker in 2020 by revenue, according to a report by Morgan Stanley.

The company said last year it would stop producing its popular Royal Oak Reference 15202ST and replace the steel watch with a new model. That followed Patek saying it would stop producing the Nautilus Reference 5711, its most sought after steel watch.

Hopeful buyers of both models had been subjected to long waiting lists and soaring values in the second-hand market that only increased with news of the end of production.