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WatchBox plans to open eight new locations around the world by the end of next year, with five set to open in the next six months, including its first US satellite operations.
In the five years since its creation, pre-owned watch trading business WatchBox has generated sales of $1 billion and is currently operating profitably at annual sales of $300 million. Next year the business will dramatically increase its physical footprint with new locations opening across the United States and around the world. What is working today and how is that shaping the future? Rob Corder spoke to WatchBox global CEO Justin Reis to find out.
Timepieces from independent watchmakers like De Bethune — now majority-owned by WatchBox — are rapidly rising in value because they are seen more as works of art than timekeepers today.
WatchBox says it is on track to generate net sales of $300 million this year, up 40% over 2020, and will have accumulated total net revenue of $1 billion since launching in 2017.
Details of the deal have not been disclosed but Swiss newspaper Le Temps, says WatchBox has secured a controlling interest in the watchmaker.
WatchBox executives, which have been critical of Richemont-owned brands including Lange in the past, have said the German watchmaker could be "the next big thing" on the secondary market.
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.
In the first half of 2020, WatchBox bought and sold over 16,000 watches with an average selling price rising from $12,000 to $18,000.
Mr Bennahmias had a restless mind during lock down and says he dreamed up a concept that will change the face of the watch industry when it is revealed.
WatchBox predicts prices will soften for steel Submariner and Daytona watches.