Topwatch, an Africa-based pre-owned luxury watch specialist, has recorded “extraordinary” growth year-on-year.
It reported a growth in profit of 11.7%, while the current year is set to return a 19.5% GP, being on track to hit $9.1 million in sales for 2020.
With year-on-year EBITDA of over 8%, the company’s current valuation is estimated at well over $10m with an exponential curve forecast, thanks to penetrated international markets.
Topwatch expects to complete over 4,200 transactions this year, selling over 2,000 items and purchasing well over 2,200 stock units.
The average selling price of watches is now more than $7,000 each, indicating the growth of investment orientation.
Thanks to Topwatch’s sophisticated back-end system and insights from the company’s watch experts, the business is well-equipped to identify the best-performing watch brands in South Africa, which are currently Rolex, Tag Heuer and Breitling.
It’s evident that COVID-19 has had a profound effect on businesses globally, yet Topwatch says it has thrived thanks to several factors, particularly luxury watches being recognised as a valuable alternative asset class.
Topwatch says it continues to outperform other market players not only because of its comprehensive online presence but because of its extensive global footprint with four offices in major South African metropolitans, a branch in the US, and offices opening in London and Hong Kong respectively.
Topwatch is also one of the very few pre-owned watch companies to have an in-house service center and also owns all its pieces.