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Swiss maker of the luxury watches coveted by collectors, Patek Philippe SA, has raised prices across its entire line, bucking an industry trend of slowing growth, Fashion Network reports.

The Geneva-based company, known for its Grand Complications, Calatrava business watches, and Nautilus sports watches, has increased prices by an average of about 7% since the beginning of February. The price of the 5236 platinum perpetual calendar, for example, has risen to $152,803.

A Patek Philippe spokesperson confirmed the February price increase and said it applies to all models and regions.

Swiss watchmakers have been aggressively raising prices amid an unprecedented boom during and after the pandemic, but the industry is now facing a slowdown in demand.

Chairman and controlling shareholder of Richemont, owner of the Cartier and Vacheron Constantin brands, Johann Rupert said earlier that luxury goods makers may not be able to raise prices for two years.

Swatch Group AG, maker of Omega and Breguet, said last month that price increases in 2023 would not be enough to offset the strength of the Swiss franc.

The Patek price increase follows industry giant Rolex's decision in January to raise prices on some models in the UK by around 4%, while leaving US prices unchanged. Rolex produces more than 1 million watches a year, while Patek produces about 70,000.

Also, Patek has discontinued several models in its line, including the popular stainless steel Aquanaut Travel Time, according to watch enthusiast website Hodinkee.

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