WatchBox, a luxury watch marketplace, has recently announced that it has successfully raised $165 million in a funding round. The round was led by The Radcliff Companies and The Spruce House Partnership, with participation from CMIA Capital Partners and other existing investors. This funding will play a crucial role in supporting WatchBox’s global expansion plans.
Co-founder and CEO of WatchBox, Justin Reis, revealed that the company has observed a remarkable 40% increase in sales year over year. With this exponential growth, WatchBox is on track to achieve $300 million in sales for this year. Reis also mentioned that WatchBox has experienced sales growth in all the markets they operate in, including the United States, Hong Kong, Singapore, Switzerland, and Dubai. Leading luxury brands such as Rolex, Patek Philippe, Audemars Piguet, and A. Lange & Sohne have performed exceptionally well, along with prominent independent brands. However, there has been a slower demand for mid-tier brands due to oversupply in the market.
Market analysts estimate that the second-hand luxury watch market is currently valued at $20 billion, growing at a faster rate than the primary market. A recent study conducted by Deloitte revealed that almost one in three consumers is likely to purchase a second-hand watch in the next 12 months, with younger buyers leading this trend. The lower prices, availability of discontinued models, and investment opportunities were cited as the main reasons for consumers opting for second-hand luxury watches.
The success of WatchBox highlights the increasing popularity of the luxury watch market, particularly in the second-hand sector. With this significant funding, WatchBox is well-equipped to expand its reach and strengthen its digital presence. By catering to the rising demand for high-quality pre-owned luxury watches, WatchBox is poised to thrive in the market.
Useful links:
1. WatchBox Official Website
2. Deloitte Study on Luxury Goods Market
