StockX, a US-based marketplace for luxury consumer goods, has announced David Lee as general manager of watches.
The new GM brings a wealth of knowledge of the industry with him, he joins StockX from Eleven James, a New York-based online subscription rental service for luxury watches, where he served as senior vice president of inventory and head curator.
Prior to his time at Eleven James, Lee managed the certified pre-owned department at Tourneau, one of the country’s largest watch retailers.
In his new role, Lee will oversee the process of building brand partnerships and ensure relationships with buyers and sellers are strengthened.
Reflecting on the appointment Josh Luber, CEO of StockX, said: “Our watch vertical has seen consistent growth since we launched it on the platform in May 2017 and with growth comes new and exciting challenges”
He added: “We knew we needed a leader who could take those on and without a doubt, David is that guy. Not only is he an enthusiast himself, but he brings to the table more than a decade of experience and a deep understanding of the market as a whole.”
Lee joins StockX in the midst of a period of considerable expansion for the watch vertical.
In 2018, watch business on the platform increased by over 400% and more that 400,000 StockX users have identified an interest in buying or selling watches on the platform.
Lee said: “There couldn’t be a more exciting time to join the team. StockX is growing at a rate that is almost unrivalled in the tech world and that is due in large part to the talent behind the platform – I’m thrilled to have the opportunity to put my experience in the space and my passion for timepieces to work each day for a dynamic company that is truly revolutionizing the luxury eCommerce space.”
StockX started life as an online marketplace for limited edition trainers, which routinely sell for above list prices as enthusiasts compete to own the latest hot items.
The platform added luxury watches last year, and now has hundreds of Rolexes and other desirable brands on offer.
A little like eBay, customers can put in bids for watches, or offer the ‘lowest ask’ price to instantly secure a watch.
The selling prices of each model, down to individual reference numbers, are tracked by StockX, so you can see how the price of a watch like a GMT Master or Patek Philippe Nautilus rises and falls over time; effectively creating a stock market history for each model.
Unlike eBay, StockX authenticates every watch that is sold on its platform, making it a considerably more labour-intensive business as it scales.