Patek Philippe sets up headquarters in Shanghai FTZ

Founded in 1839, Patek Philippe is the world's only remaining independent watchmaker. [Photo/WeChat account: waigaoqiaowindows]

Swiss luxury watchmaker Patek Philippe set up its Chinese headquarters in China (Shanghai) Pilot Free Trade Zone on June 27, according to local authorities.

The watchmaker has registered capital amounting to a total of 50 million yuan ($7.46 million) in Waigaoqiao, and the regional headquarters' actual use of foreign investment is expected to reach 100 million yuan.

In order to boost profits and strengthen its ability to reinvest, its China headquarters is responsible for managing and growing Patek Philippe's directly invested projects in China, particularly in first-tier cities like Shanghai and Beijing, as well as for managing retail subsidiaries and distributors.

Patek Philippe entered the Chinese market in 2005 and set up its first retail outlet and customer service center at No 18 of the Bund area in Shanghai.

In 2012, the watchmaker cooperated with Waigaoqiao-based company Melchers Raffel to launch the Maison Patek Philippe in Shanghai.

Waigaoqiao serves as a bridgehead for the country's opening-up and continues to attract global companies with its inclusiveness and high-quality government services.

The bonded area is currently home to 309 headquarters, including 127 regional headquarters of multinational companies, which accounts for 15 percent of Shanghai's total and 33 percent of Pudong's total.