Factories Suspended: Patek Philippe, Audemars Piguet & Hublot Close Down
Following the announcement from Rolex, other Switzerland based watch manufactures (Patek Philippe, Audemars Piguet, Hublot) have decided that they’ll also be closing down factories due to the spread COVID-19. Hublot has not set a date that they plan to return to production. But the others have roughly said that they plan to be only closed for sometime less than a month, even though these dates could change based on the current local condition in Switzerland.
It’s not very surprising that these factories have closed down with the risks of their employees could cause larger damages if one of their employees would get Coronavirus and then spread it to others in the factory. It’s a smart long term approach that all of the companies have made by closing manufacturing of watches.
The Swiss government has declared it state of emergency in the country until at least April 19th. This means that it’s a mandatory shutdown of all businesses except for essentials like pharmacies, grocery stores and other essential stores.
For those complaining that these companies aren’t producing enough to match demand in the past, this will not help. But for those in the secondary market, this is encouraging news with the shut down as to help slow down the pace of the market free fall because of the global crisis killing demand for these luxury watches.