WatchBox to Open First US Stores Amid Expansion
The seller of pre-owned luxury watches plans to open eight new locations by the end of 2022, including five in the United States.
The pre-owned luxury watch platform has stores in Dubai, Hong Kong, Singapore, and Neuchâtel, Switzerland as well as U.S. headquarters in Philadelphia.
As part of its expansion, the company will open stores in the United States for the first time, in New York, Los Angeles, Miami, Houston, and Dallas.
Internationally, it is moving into Zurich, Tokyo, and Riyadh, Saudi Arabia.
“At WatchBox, we are powered by our global community of watch enthusiasts, the core pillar of our business. Each time we open a new location, we successfully activate new communities in new markets,” said Justin Reis, CEO of WatchBox, in a press release about the expansion.
“By being closer to our customers, we are able to deliver incredible access to product, our client advisors and our collector community, creating an arena for watch enthusiasts to gather, learn and discover.”
The Miami, New York City and Los Angeles locations are slated to open in the first quarter of 2022.
Design firm Studio Mellone, known for crafting luxury concepts and showrooms, will design the first U.S. stores.
The company envisions the new locations as experiential gathering spots, rather than a traditional brick- and-mortar stores.
“These innovative spaces will be dynamic gathering places where enthusiasts can connect and share their love of luxury timepieces, view unique inventory, and build relationships that will enhance their watch collecting experience,” said WatchBox.
The company said it is set to reach $300 million in revenue for 2021 and expects to cross the $1 billion mark in lifetime revenue (WatchBox launched in 2017) before the end of the year.
WatchBox recently invested an unspecified amount in watch company De Bethune as it looks to champion independent watchmaking.
According to McKinsey & Company, the primary and secondary watch markets are expected to grow from $66 billion to $97 billion by 2025.
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