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Already present in Dubai for two years, the operation will expand to Riyadh, capital of the most oil-rich nation on the planet.
WatchBox plans to open eight new locations around the world by the end of next year, with five set to open in the next six months, including its first US satellite operations.
In the five years since its creation, pre-owned watch trading business WatchBox has generated sales of $1 billion and is currently operating profitably at annual sales of $300 million. Next year the business will dramatically increase its physical footprint with new locations opening across the United States and around the world. What is working today and how is that shaping the future? Rob Corder spoke to WatchBox global CEO Justin Reis to find out.
WatchBox says it is on track to generate net sales of $300 million this year, up 40% over 2020, and will have accumulated total net revenue of $1 billion since launching in 2017.
CEO Pierre Jacques and Denis Flageollet, COO and master watchmaker, will remain on De Bethune’s board of directors to ensure continuity and will continue to lead the teams in Geneva and L’Auberson.
WatchBox executives, which have been critical of Richemont-owned brands including Lange in the past, have said the German watchmaker could be "the next big thing" on the secondary market.
Global pre-owned watch specialist WatchBox is calling the top of the market for Rolex and Patek Philippe's unicorn watches, and suggests limited editions from...
Topwatch, an Africa-based pre-owned luxury watch specialist, has recorded “extraordinary” growth year-on-year. It reported a growth in profit of 11.7%, while the current year is...
WatchBox predicts prices will soften for steel Submariner and Daytona watches.
Businesses that have been conceived primarily as ecommerce operations have weathered the storm better than those relying on brick and mortar retail, and the leading pre-owned and secondary market players have suffered far less than those in the primary market.