While global corporations such as Richemont, LVMH and the Swatch Group having to accept massive double-digit sales losses in 2020, the Internet marketplace for watches Chronext, founded in 2013, announced record sales in the Covid-hit year.
The organisation surpassed the €100m mark, equivalent to around $120m on current exchange rates, for the first time.
Philipp Man, CEO and Co-Founder of Chronext, expressed he satisfaction: “This year has clearly shown that the growth of the digital luxury watch market continues unabated. The corona-related cuts, which have burdened the entire watch market, could not stop this strong trend. We therefore forecast that this development will continue in the coming years and that demand will continue to rise, especially for Certified Pre-Owned Watches (CPO).
The figures also confirm that we are finding the right answers to changing customer needs, especially in these times. This is our incentive to continue to drive growth in the future. ”
In Germany, Chronext’s core market, the company saw the highest level of growth at 37%
Man added: “In the past few years, in a highly competitive market, we have managed to position Chronext, a brand that stands for a safe shopping experience and the direct availability of all luxury watches.
“Our customers appreciate the performance promise of being able to try on their dream watch without any obligations, easily and free of charge, at any time at home or in one of our Chronext lounges. Chronext combines the best of digital and stationary and is redesigning the watch trade. “