Re-establishing itself in the UK Market post-Brexit, Watchmaster has taken an office in Hatton Garden, launched its online shop and sourced circa 400 units of dedicated UK inventory since January.
The business explains how buying and selling pre-owned luxury watches through Watchmaster is possible again without additional taxation in the UK.
So far, an inventory value of nearly £3m has already been activated for sale, with the aim being to increase the inventory from 400 to 1,000 watches by Christmas.
This is in addition to watch enthusiasts still having the possibility to choose from the inventory range of around 2,500 watches located across France and Germany.
Interested parties are shown where the respective watch is physically and whether additional costs such as import VAT may be incurred.
Tim-Hendrik Meyer, CEO of Watchmaster, explained: “Since Brexit, trade in secondary goods between the United Kingdom and EU countries has virtually come to a standstill due to the ‘Margin Scheme’ no longer being applicable.”
Adding: “In order to be attractive again to our British customers, we are now the first European supplier to re-enter the UK market with our own inventory range on site. We are not only interested in the UK internal market per se. We also hope that future trade agreements will allow us to use our London operation to expand into new markets. ”
From August, Watchmaster will also be opening a showroom on 45 Britton Street right by London’s famous Jewellery District and a stone’s throw from Farringdon Station.
Meyer continues: “We have been planning to enter multichannel retailing for some time. As the first physical location, London is the ideal solution for us. We are reaching our capacity limits at our Berlin headquarters, so the London office secures our ability to grow further.”
Thomas Rickard, Managing Director at Watchmaster UK, concludes: “I look forward to strengthening Watchmaster’s position as a leading supplier of certified pre owned luxury watches. Having closely worked with the senior management team of Watchmaster in previous ventures I am excited to be working together again on establishing and growing our new operation in the UK.”
