If you are looking for proof that the pre-owned watch market is robust, look no further than WatchBox, the slick retail offering headed up by chief executive Justin Reis.
Last year, WatchBox was on trajectory to hit annual sales of more than $400 million, with revenue up by 33%.
Since its launch in 2017, WatchBox has been a magnet for investors seeking to cash in on a growing market.
Funding to date has exceeded $250 million, and backers include some well-known names including basketball star Michael Jordan.
The company has previously been valued at $1 billion.
With its recent influx of cash – $165 million of funding came through in 2021 – Justin and his team have looked to expansion.
In June last year, WatchBox opened a 5,000 square foot Collectors Lounge in the famous Fuller Building in Manhattan in New York City.
Since then it has opened in Miami, Los Angeles, Boca Raton and China.
Justin has also been on a recruitment drive. He hired Diane James as director of strategic brands, and poached Jack Forster from Hodinkee to act as WatchBox’s global editorial director.
Independent watch brands are an important part of the strategy at WatchBox, accounting for about a third of its sales.
In recognition of this, WatchBox organised a travelling exhibition of F. P. Journe and De Bethune watches that featured 100 watches by the makers, all of which were available to buy, and popped up in various global locations in Europe, Asia, the Middle East and the US.
Many of our Hot 100 this year have waxed lyrical about the excitement surrounding niche brands.
Justin is another. Such is his faith in these artisans that WatchBox bought De Bethune and Reuge in 2022.
