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Funding round was led by private equity giant General Atlantic with participation from Aglaé Ventures, a technology-focused venture capital firm backed by Groupe Arnault, the controlling shareholder of LVMH.
Aglaé Ventures' participation in a €100 million funding round announced today is a sure sign that the luxury world has crossed the Rubicon when it comes to ecommerce and the potential of Chrono24 in what CEO Tim Stracke once told me would be a "winner takes all" market.
After a first quarter surge, driven mainly by rumors and then confirmations of discontinued watches, prices for the world's hottest watches from the likes of Rolex, Patek Philippe and Audemars Piguet are starting to cool.
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.
Chrono24 is reporting extreme volatility for watches fueled by concurrent announcements and rampant rumours of model discontinuations.
Stephan Kniewasser, while CFO at Teamviewer, laid the groundwork for an IPO that valued the business at $5.78 billion.
Exclusive data from Chrono24 shows the power of internet rumors drove a massive spike in prices.
Market reacts to Patek Philippe's hottest reference of the past decade, the sporty steel Nautilus 5711/1A-010, being culled.
Three weeks after the pandemic hit, sales numbers began to rise rapidly around the world and have since remained stable at about 13% above pre-coronavirus levels with Rolex leading the way in this sense.
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.