Audemars Piguet Forges Ahead

Last year, Audemars Piguet achieved a turnover of 187 million francs, an increase of 17 %. The "very good trading performance in Europe" had a beneficial effect on results and "sales in the United States were better than forecast, despite the events of 11 September", according to Managing Director Georges-Henri Meylan. "The French and Italian markets were very buoyant and the resumption of distribution in Germany helped us". Sales in manufacturing alone rose by as much as 20 %. For 2002, Mr Meylan feels that the Le Brassus based firm "can do as well as, or even slightly better than 2001". In total, 18,200 watches were sold in 2001, compared to 16,820 in 2000.

In addition, the firm is going to start expansion work intended to double production at its Le Locle site. Between now and 2004, around 40 jobs will be created in this unit dedicated to the production of mechanisms for complicated watches, which already has a workforce of 60. Other investments will also go ahead in Le Brassus, the main production and assembly site for Audemars Piguet watches and movements. In total, the company is earmarking eight to ten million francs for these new investments, which are "largely self-financed."
The group has 18 production and distribution companies, whose number includes Centror in Geneva, specialising in the production of cases. It employs a workforce of more than 500 worldwide.

February 14, 2002