In a partnership of two Geneva-based family businesses, exclusive watchmaker Patek Philippe takes a stake in a firm that offers bespoke design services for watch cases, bracelets, and dials.

Patek Philippe, the creator of some of the world's most sought-after watches, is teaming up with Salanitro, a firm that creates jewelry and stone settings in the world of Haute watchmaking, Salanitro announced Wednesday.

The firm was founded over three decades ago by Pierre Salanitro, who still serves as the president and CEO of the eponymous firm, and provides its services to more than 40 leading Swiss watch brands, according to the company's website.

It all started when he passed by a diamond setting workshop in Geneva where he saw setters at work, and became mesmerized by the art of stone setting. He persuaded the workshop to take him on as an apprentice so he could hone his skills.

Now, those skills are something that Patek Philippe is seeking to capitalize on, with company president Thierry Stern saying that «this is a great opportunity to contribute to securing the future as well as the continuity of a Geneva-based family business to which we are close, and with which we share the same values of excellence, independence and family spirit.»

The Patek Cache

Patek Philippe has engaged famous craftsmen in the past and has had its technology adopted by others. One such watch was one of the first watches to be based on the world time system designed by Louis Cottier, the Ref. 605 HU, as finews.com reported. One of the last three surviving copies went under the hammer at Christie's in May, fetching 1.170 million Swiss francs, well over the top estimated price of 750,000 francs.

The Legacy

For Pierre Salanitro, the partnership is a way for him to preserve his legacy and ensure the firm continues, as none of his children have expressed a desire to become involved in the firm's management, and was an important consideration to bring the two family firms together.

«I am very proud and delighted that Patek Philippe has acquired a stake in my company. Patek Philippe is an emblematic Manufacture that represents the ideal partner for securing the firm’s future. I have great confidence in Thierry Stern and his team to continue our activities and guarantee jobs beyond generations,» Salanitro said.

Will the partnership lead to the next Ref. 605 HU?