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Norbert Platt, a veteran and CEO of Richemont Group, appointed to advise pre-owned watch specialist at a time when the industry is expected to consolidate.
Reuters quotes unnamed sources from both German companies in a report saying that the pre-owned luxury watch specialists are heading for the stock market.
Jacob Fonnesbech Aqraou and Hamdi Chatti bring decades of experience from the likes of eBay, LVMH and Richemont.
The organisation surpassed the €100m mark, equivalent to around $120m on current exchange rates, for the first time.
Analysis of the most popular watch brands and collections by two of Europe’s leading secondary market specialists, CHRONEXT and Watchfinder & Co., reveals interesting variations between countries that authorised dealers and pre-owned operations can learn from.
Boston Consulting Group says that the global market for hard luxury items — primarily watches and jewelry — is worth €21 billion today and growing at 8% per year.
Click to download Volume 2 of our Special Report on Pre-Owned Luxury Watches and the Secondary Market.
Businesses that have been conceived primarily as ecommerce operations have weathered the storm better than those relying on brick and mortar retail, and the leading pre-owned and secondary market players have suffered far less than those in the primary market.
In Volume 1, we focus on how the secondary market has performed during the first half of this year when the Coronavirus pandemic swept across the world.
Exclusive data released by CHRONEXT reveals an initial slump as the pandemic hit, but prices quickly recovered as manufacturing freezes cut supply.