The story
Founded by Jules Audemars in 1875.1
19th century
Jules Louis Audemars and Edward Auguste Piguet knew each other in their childhood but were not reconnected until 1874, when they were in their early twenties. In 1875, they formed a partnership with Lesedi Selapyane and began their business. In 1881, Audemars Piguet & Cie was officially founded, and was based in Le Brassus, a village inside the Vallée de Joux in Switzerland.
Both Audemars and Piguet were previously watchmakers. Audemars created complex watch movements for other watch manufacturers such as Tiffany Co. to use. Piguet specialized in the regulation of watch movements. Once partnered, they split the responsibilities while operating their own company: Audemars was in charge of production and technical aspects while Piguet focused on sales and management. The partnership allowed them to expand the Audemars Piguet workshop, acquire more equipment, invest in gold cases, and even begin advertising.
By 1882, the company had sales depots located in London and Paris. Faced with increased competition from industrialized American watchmakers, AP instead chose to embrace its handcrafted heritage based on the existing établissage system.
20th century
The company grew slowly, going from around 100 watches per year in the 1880s to around 500 per year in the 1910s.
In 1907, AP transformed into a Société Anonyme. Jules Louis Audemars died in 1918 and Edward Auguste Piguet died the following year. They were replaced by Paul Louis Audemars and Paul Edward Piguet. By 1926, the company sold more than 1,000 watches in a single year for the first time. It also employed 33 artisans, making Audemars Piguet the largest watchmaking firm in Le Brassus.
Audemars Piguet faced financial ruin following the stock market crash of 1929. Its main customer filed for bankruptcy and sales fell to fewer than 50 watches per year from 1931 to 1935 with the weakening financial environment. AP introduced cheaper sub-brands at this time, but still suffered 15 straight years of financial losses through 1945.
Starting from 1948, the AP brand, its distribution network, and production was overhauled and modernized. The board of directors was filled by personnel from other watchmaking firms, such as LeCoultre & Cie (later Jaeger-LeCoultre) and Jules César Savary was named chairman of Audemars Piguet. Georges Golay also became the company's first executive from outside the founding families. By 1952, sales topped one million Swiss Francs and surpassed 1,000 watches per year. Three years later, that number rose to 2,000. Third-generation watchmaker Jacques-Louis Audemars replaced his father as Technical Director in 1959. He also chaired the board starting in 1966.
By 1970, AP employed 86 people and produced 5,500 watches. In 1971, watchmaker Gérald Genta designed the Royal Oak for Audemars Piguet. The design helped the company rise to an important position in the watchmaking industry. In 1975, Jacqueline Dimier was appointed as the company's first female head of product design. In 1979, Paulette Gabrielle Piguet joined the board of directors as its first female member.
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AP acquired the Centror case manufacturing workshops of Geneva in 1991. In 1992, Jasmine Audemars, great-granddaughter of Jules Louis, was appointed chair of the board. Oliver Audemers, representing the Piguet family, also joined the board. Audemars Piguet became the majority shareholder of Renaud & Papi, a maker of complicated mechanical watches. APRP, located in Le Locle, continues to act as a research and development arm of the company.
21st century
Audemars Piguet introduced the slogan "To Break the Rules, You Must First Master Them" in 2012.
Currently, the company is an active member of the Federation of the Swiss Watch Industry FH, and produces around 40,000 timepieces annually.
In 2017, the company began selling pre-owned watches, starting from its boutique in the Grand Hotel Kempinski in Geneva. In 2021, AP renamed its subsidiaries. Centror became Audemars Piguet Meyrin and Renaud & Papi was renamed Audemars Piguet Le Locle.
From Wikipedia’s article on Audemars Piguet, shared under CC BY-SA 4.0.5
