According to a Swiss newspaper, Patek Philippe has signed a deal with the world’s oldest watch retailer, Zurich-based Beyer Chronometrie, to take over the company’s space on Zurich’s famed Bahnhofstrasse starting in 2027. The sale of the business and acquisition of its lease at Bahnhofstrasse 31, which currently houses a Patek Philippe boutique and will reportedly be converted into a Patek salon, and was first reported by Neue Zürcher Zeitung. The Beyer shop will close at the end of 2026. The lease for the space is held by the building owner, UBS.
Beyer Chronometrie in Zurich holds the world’s longest-standing retailer relationship with Patek Philippe, selling their timepieces since roughly 1842. That relationship was strengthened under Philippe Stern’s time at the helm of Patek. While watches branded with Beyer’s double-signature on the dial aren’t uncommon, Stern chose to sell the first 25 examples of the brand’s vaunted ref. 3940 perpetual calendar numbered on the dial in a beautiful script and signed “Beyer.” A recent sale of one such watch set the record for the reference at just shy of $970,000.
The first-ever Patek Philippe ref. 3940, signed with the number 1 and the Beyer signature.
The unfortunate and untimely death of owner René Beyer last year at the age of 61 shocked many in the industry. We covered the brand’s museum collection with René Beyer in 2018, where he took us through his family’s relationship not just with Patek Philippe but also with Rolex, George Daniels, and others. Beyer was a true watch lover.
With his passing, control of the company went to his sister, Muriel Zahn-Beyer. But, as with the death of Jörg Bucherer in 2023, neither Beyer nor his sister had any heirs, leading to speculation that a sale could be imminent, akin to Rolex’s acquisition of the Bucherer retailer network. As it turns out, the framework for this change was put in place years ago.
The late René Beyer. p
“My brother began addressing the future of the company at an early stage,” Zahn-Beyer told the NZZ, in a comment translated by Hodinkee. For him, she noted, the solution involving Patek Philippe represented “the logical culmination of a partnership that had evolved over decades, as well as an expression of his sense of responsibility toward the company, its employees, and the city of Zurich.” In comments to NZZ, Zahn-Beyer shared that Patek Philippe quietly acquired a minority stake in Beyer back in 2024.
Terms of the acquisition will remain private, according to NZZ, but the biggest news may be the closing of the retailer itself. Instead of maintaining the company as was done with Bucherer, Patek Philippe plans to shutter the store and reopen it as a large Patek Philippe salon, ending the company’s run after 266 years. The salon is Patek Philippe’s fourth, after Geneva, London, and Paris.
The Patek Philippe Salon in Geneva. Photo courtesy Patek Philippe.
This shift was expected, as any acquisition would have most likely impacted the tenuous relationship between the retailer and either Patek Philippe or Rolex, which are increasingly shifting away from shared floor space. Wempe in New York, for instance, lost its Rolex distribution after Rolex’s decision to open a flagship store on 5th avenue, but was given “boutique status” by Patek Philippe to fill the space. Around two-thirds of Beyer’s workforce will be impacted, but the company hopes that the announcement 9 months in advance will help impacted team members find new jobs. The watch museum and its contents were not a part of the sale, and Zahn-Beyer expects to relocate the museum to another location within Zurich.
For more reporting, visit NZZ.
