Patek Philippe has taken a decisive step in Spain by opening its first mono-brand boutique at 62 Calle de Serrano, in the heart of Madrid’s Milla de Oro. This consolidates its presence in the country and reaffirms a historic bond with the Spanish group Suárez, a trusted partner for over 50 years.
The 350 square metre establishment is spread over two floors and has been designed to offer a comprehensive luxury experience. It features a central area where customers can explore the collections with the guidance of specialist advisors; private rooms for collectors; and an experience lounge on the upper floor. This lounge combines a private bar with an environment designed for immersing oneself in the Maison’s history and philosophy.
The decision to open a standalone boutique comes amidst a complex backdrop for luxury watchmaking. Brands like Piaget have shared their intention to progressively reduce the size of their stores. They are focusing on more intimate experiences and personalised service over mass expansion. This reflects the pressure of the global market and the need to optimise each point-of-sale.
The Swiss slowdown is evident in data from the Federation of the Swiss Watch Industry. It reported a 1.7 percent fall in the value of exports in 2025 to 25.6 billion Swiss francs. There was also a 4.8 percent decrease in volume, with 14.6 million units. Uncertainty persists in 2026, affected by the volatility of the US market and the global geopolitical situation.
Against this backdrop, Spain is emerging as a particularly dynamic luxury market. In 2025, the sector grew by 6 percent, reaching 2.14 billion euros. Madrid and Barcelona captured 69 percent of the revenue.
