Financials

WatchBox Secures $165M in Expansion Funding

FinancialsNov 29, 2021

WatchBox Secures $165M in Expansion Funding

The pre-owned luxury watch platform also welcomed new members to its board.

As part of its expansion, pre-owned luxury watch platform WatchBox is opening stores in the U.S. for the first time.
Philadelphia—WatchBox raised $165 million in equity capital as it looks to continue its global expansion.
 
The funds will be used to scale its digital platform, power its expansion into new markets, and bolster its inventory.
 
"We are reshaping the way high-value luxury is transacted online," said Justin Reis, WatchBox co-founder and global CEO, in a press release about the investment.
 
"We built our proprietary concierge platform to enable efficiency and scale as we build personal connections with collectors around the world. We have an incredible group of dedicated people at WatchBox and, as we reach major milestones such as this one, I feel especially grateful to our team who have all contributed to our growth and success to date,” he added.

Justin Reis is the global CEO and co-founder of WatchBox.
Justin Reis is the global CEO and co-founder of WatchBox.
 
The pre-owned luxury watch platform recently announced its plan to open eight new locations by the end of 2022.
 
It currently has stores in Dubai, Hong Kong, Singapore, and Neuchâtel, Switzerland as well as its U.S. headquarters in Philadelphia.
 
The expansion will bring its stores to the U.S. for the first time, with planned openings in New York, Los Angeles, Miami, Houston, and Dallas.
 
Internationally, it is moving into Zurich, Tokyo, and Riyadh, Saudi Arabia.
 
 Related stories will be right here … 
 
The lead investors behind its recent funding were the Radcliff Companies and the Spruce House Partnership, joined by CMIA Capital Partners and existing investors.
 
The company’s investor list includes professional athletes and watch enthusiasts like Giannis Antetokounmpo of the Milwaukee Bucks and Chris Paul of the Phoenix Suns.
 
Other well-known investors include Michael Jordan, Michael Strahan, Larry Fitzgerald, Bill Ackman, and the founders of Warby Parker, Allbirds, and Harry's.
 
"Our investors and partners hail from a wide range of industries, from consumer to technology, finance and professional sports, yet we are all bound by our love of watches,” said Reis.
 
The company also announced new additions to its board, welcoming Jeff Sanders, the chief technology officer at Warby Parker; Eli Goldstein, the co-founder of The Radcliff Companies; and David Berkman, a managing partner at Associated Partners.

Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

MajorsJan 30, 2023
10 Jewelry News Stories You Might Have Missed

A column detailing how independent jewelers did last year and the top watch brands of 2022 were among the most-read stories last week.

MajorsJan 27, 2023
Diamond Council of America Appoints Treasurer, Board Member

Executives from Fred Meyer Jewelers and Riddles Jewelers have filled the roles.

CollectionsJan 27, 2023
Piece of the Week: Heavenly Vices’ Lock Necklace

The Victorian-inspired design is a functional lock and key.

Brought to you by
Bringing Over 130 Years of Diamond Expertise to Modern Grading

De Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.

Supplier BulletinJan 26, 2023
JA New York Spring Brings the Industry Together

For over 100 years, JA New York has played an integral role in facilitating the evolution of our industry, while also honoring past traditions.

Weekly QuizJan 26, 2023
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
TrendsJan 26, 2023
At Vicenzaoro, Paola De Luca Gazes Into Jewelry’s Future

The trend forecaster and her guests explored unconventional jewelry designs, NFTs, AI art, and more during her Trendvision presentation.

CollectionsJan 26, 2023
NDC and Lorraine Schwartz Announce New ‘EDDI’ Class

The Emerging Designers Diamond Initiative provides diamond credit and mentorship to young brands helmed by BIPOC designers.

Brought to you by
De Beers Institute of Diamonds Expands to Offer Education

De Beers is sharing over 130 years of experience and expertise through the De Beers Institute of Diamonds with a selection of courses.

IndependentsJan 26, 2023
Lee Michaels Fine Jewelry Set to Open 10th Store

It will be located in San Antonio’s Alamo Quarry Market and will be Lee Michaels’ third location in the city.

Policies & IssuesJan 26, 2023
Diamonds Do Good Names 10 to Board of Directors

Stephanie Gottlieb, Jewelers Mutual’s Mike Alexander, and Craig Rottenberg of Long’s Jewelers are among the new board members.

WatchesJan 25, 2023
These Were 2022’s Top-Selling Watch Brands, Chrono24 Says

Rolex remained No. 1 while a brand known for its pilot watches slipped into the No. 5 spot.

MajorsJan 25, 2023
John Hardy Names New CEO

Luxury retail executive Frédéric Levy has taken on the role.

Events & AwardsJan 25, 2023
Couture DAC Accepting Applications for Mentorship Program

Jewelry designers have until early February to apply to take part in Couture's Diversity Action Council program.

CollectionsJan 25, 2023
Stephanie Gottlieb Announces First President, CCO Hire

Morgan P. Richardson joins from La Perla.

Policies & IssuesJan 25, 2023
PGI’s New Portal Wants to Teach You About Platinum

The new portal will share information on responsible platinum sourcing and how it’s used beyond jewelry.

SourcingJan 24, 2023
Tiffany Buys 35 of the Last Diamonds Recovered From Argyle

Purchased directly from Rio Tinto, the collection consists of pinks, purples and one red, none larger than 1.52 carats.

ColumnistsJan 24, 2023
On Data: Here’s How Independent Jewelers Did in 2022

Sherry Smith breaks down retailers’ performance last year, including how natural diamonds fared vs. lab-grown.

GradingJan 24, 2023
GIA and AGS Launch Diamond Light Performance Supplement Report

The AGS Ideal Report by GIA is a digital-only addition to GIA diamond reports.

MajorsJan 24, 2023
WJA Announces New International Board Members

The seven newcomers include executives from David Yurman, De Beers, and GIA.

EditorsJan 23, 2023
Designers to Watch in 2023: Aurelia Demark

The designer finds the modernity in classic motifs and family heirloom jewels.

Policies & IssuesJan 23, 2023
Melanie Grant Named Executive Director of RJC

She has more than 20 years’ experience in watches and jewelry, and says sustainability is the “greatest single issue” facing the industry.

Policies & IssuesJan 23, 2023
AGTA Forms Committee to Standardize Industry ‘Sustainability’ Terms

Its focus are words like “sustainability,” “ethics,” and “responsible sourcing.”

IndependentsJan 23, 2023
10 Jewelry News Stories You Might Have Missed

Another “Designer to Watch” and Kim Kardashian’s auction purchase were among our most-read stories.

MajorsJan 20, 2023
Quality Gold Acquires Herco

Herco President Reuven Itelman is retiring and selling the company, which will relocate to Ohio from California.

Lab-GrownJan 20, 2023
Siobhán Duffy Promoted to Chief Executive of Element Six

She was previously the executive director of sales and marketing for the De Beers Group-owned company.

TrendsJan 20, 2023
Piece of the Week: Loquet London’s Lunar New Year Charm

It’s from a new collection of charms designed to go in the brand’s signature lockets.

IndependentsJan 20, 2023
Edge Retail Academy Announces Annual Award Winner

Lonnie Iannazzo of Vincent Anthony Jewelers is the 2022 William (Wag) Wagner Business Excellence Award recipient.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy