Patek Philippe was founded in 1851 when Antoni Patek, a businessman who joined forces with watchmaker Francois Czpaek in Geneva, and watchmaker Jean-Adrien Philippe created an official association. Philippe was noted for creating a watch crown system that utilizes stem winding and a special setting system.
The company was sold
to Charles and Jean Stern in 1932 and the company is still owned by the Stern family to this day. The company continues to make its own parts and has made a handsome amount of money over time. The company even made around $1 billion in revenue in 2012.