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The Swiss luxury watch brand Audemars Piguet is now offering its customers a warranty system for its watches, through a secure program. This is an important argument when the risk of theft frightens customers and could lead to a drop in sales.
This is news that should reassure many buyers. While thefts of luxury watches, mainly by snatchers, are now commonplace, Audemars Piguet has announced a program to replace stolen property.
The Swiss brand organizes in this warranty program, the replacement, refund or repair of any stolen or damaged watch purchased in 2022 or 2023, details the Bloomberg news agency.
According to François-Henry Bennahmias, Audemars Piguet’s chief executive, the warranty is valid for two years from the date of purchase. This is a first in the luxury watch industry!
“We listen to our customers and we also have to look at what is happening in the world right now”, explained the CEO. “We have major cities in Europe and the United States that are not as safe anymore.”
Terms and conditions
To qualify for the guarantee, customers must of course bring a few things with them. They must prove the purchase and possession of the watch, providing a photo and the serial number. If the watch has been stolen, the customer will have to present a valid police report. If these conditions are met, Audemars Piguet will offer to refund or replace the watch. If the model is no longer produced, the customer will be offered a similar model from the current collection.
The watch brand makes about 50,000 watches a year and recorded sales of more than €2 billion last year, a 26 percent growth. It estimates that 75% of its customers will be eligible for the program, which is expected to generate about 100 claims over the next two years.
For François-Henry Bennahmias, the risk of fraud “is part of the process”, but he stresses that developing such a program is impossible if you think everyone will defraud. For the general manager, there should not be more than two or three attempts over the period.
Protecting the industry
Other brands have responded to the upsurge in crime in the luxury watch sector. But none has yet proposed a replacement program like Audemars Piguet. Richemont Group, owner of Cartier, meanwhile, recently announced a digital platform called Enquirus to help authorities combat luxury watch and jewelry theft.
The platform will allow owners to register their collections using brands and serial numbers. On their side, potential buyers will be able to verify that the piece they are considering buying has not been stolen.
Read also >Cartier starts selling second-hand watches
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The Swiss luxury watch brand Audemars Piguet is now offering its customers a warranty system for its watches, through a secure program. This is an important argument when the risk of theft frightens customers and could lead to a drop in sales.
This is news that should reassure many buyers. While thefts of luxury watches, mainly by snatchers, are now commonplace, Audemars Piguet has announced a program to replace stolen property.
The Swiss brand organizes in this warranty program, the replacement, refund or repair of any stolen or damaged watch purchased in 2022 or 2023, details the Bloomberg news agency.
According to François-Henry Bennahmias, Audemars Piguet’s chief executive, the warranty is valid for two years from the date of purchase. This is a first in the luxury watch industry!
“We listen to our customers and we also have to look at what is happening in the world right now”, explained the CEO. “We have major cities in Europe and the United States that are not as safe anymore.”
Terms and conditions
To qualify for the guarantee, customers must of course bring a few things with them. They must prove the purchase and possession of the watch, providing a photo and the serial number. If the watch has been stolen, the customer will have to present a valid police report. If these conditions are met, Audemars Piguet will offer to refund or replace the watch. If the model is no longer produced, the customer will be offered a similar model from the current collection.
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The Swiss luxury watch brand Audemars Piguet is now offering its customers a warranty system for its watches, through a secure program. This is an important argument when the risk of theft frightens customers and could lead to a drop in sales.
This is news that should reassure many buyers. While thefts of luxury watches, mainly by snatchers, are now commonplace, Audemars Piguet has announced a program to replace stolen property.
The Swiss brand organizes in this warranty program, the replacement, refund or repair of any stolen or damaged watch purchased in 2022 or 2023, details the Bloomberg news agency.
According to François-Henry Bennahmias, Audemars Piguet’s chief executive, the warranty is valid for two years from the date of purchase. This is a first in the luxury watch industry!
“We listen to our customers and we also have to look at what is happening in the world right now”, explained the CEO. “We have major cities in Europe and the United States that are not as safe anymore.”
Terms and conditions
To qualify for the guarantee, customers must of course bring a few things with them. They must prove the purchase and possession of the watch, providing a photo and the serial number. If the watch has been stolen, the customer will have to present a valid police report. If these conditions are met, Audemars Piguet will offer to refund or replace the watch. If the model is no longer produced, the customer will be offered a similar model from the current collection.
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