With luxury watch theft on the rise, Swiss watchmaker Audemars Piguet is pioneering a new trend in the sector by offering a stolen watch replacement program for its clients, according to Bloomberg. The program, which lasts for two years, will replace, refund or repair any watch stolen or damaged from purchases made in 2022 or 2023
To be eligible for this program, Audemars Piguet clients must provide proof of purchase and ownership, including a photo and serial number. If the watch is stolen, a valid police report must be supplied. Clients then have the option of replacement or reimbursement, and if the watch model is no longer produced, a similar current model will be offered.
The new program is aimed at reassuring customers as luxury watch theft has been on the rise, and violent watch theft poses a real threat to sales. Major cities throughout Europe and the US are no longer as safe. No other luxury watch brand has offered a replacement program to date; the brand is confident that 75% of its customers will be eligible for this program, while it expects fewer than 100 claims in two years.