Every year sets a new record for collectible watch specialist WatchBox.
Since the business launched in 2017 with seed capital of $200 million, it has notched up sales of more than $1 billion.
It was operating profitably in 2021 with annual sales of around $300 million, according to global chief executive Justin Reis.
WatchBox is headquartered in the suburbs of Philadelphia, where co-founder Danny Govberg owns Govberg Jewelers, and Justin runs a global network that has offices, lounges or retail space in Dubai, Zurich, Singapore, Hong Kong and Riyadh.
The company likes to describe itself as one of the biggest private watch collectors in the world, because it buys every watch that it then services, polishes, authenticates and sells back to fellow collectors.
“When we started WatchBox five years ago, there was little understanding or acceptance of the pre-owned watch business,” says Justin.
“It is going in multiple directions now, horizontally and vertically, and that is exciting. But nobody truly knows where it will end up. One of the things that we think about every day is how to deliver what our customers want. As long as we are taking care of that customer with the right product and service, that will direct our business plan going forward.”
The secondary market has certainly evolved rapidly over the five years WatchBox has been active in the market.
Most players in the space are looking to turn a quick profit on volume watches from the likes of Rolex and Omega, but Justin takes a longer-term view and is comfortable trading ultra-rare pieces from independents including F. P. Journe, Voutilainen and Gronefeld, which have appreciated rapidly in value over recent years.
The investors behind WatchBox like independents so much, they even took a controlling stake in De Bethune so that it can continue investing in its watches.
As the collector community becomes more sophisticated and demanding, WatchBox is opening lounges across the United States where they can gather to buy, sell or just talk about their hobby.
Within a year, Justin expects to open in New York, Los Angeles, Miami, Houston, and Dallas.
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