{"id":70288,"date":"2021-10-06T13:00:35","date_gmt":"2021-10-06T12:00:35","guid":{"rendered":"https:\/\/www.watchpro.com\/?p=70288"},"modified":"2021-10-06T11:27:24","modified_gmt":"2021-10-06T10:27:24","slug":"watchbox-says-sales-will-hit-300-million-this-year","status":"publish","type":"post","link":"https:\/\/www.watchpro.com\/watchbox-says-sales-will-hit-300-million-this-year\/","title":{"rendered":"WatchBox says sales will hit $300 million this year"},"content":{"rendered":"
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.<\/strong><\/p>\n Born online, the business is now moving towards a hybrid model of clienteling from Wall Street style trading offices, physical retail points of sale and ecommerce.<\/p>\n It has revealed today that it plans to open eight new locations around the world, with five set to open in the next six months, including its first US satellite operations.<\/p>\n By the end of next year, WatchBox plans to open in New York, Los Angeles, Miami, Houston, and Dallas plus three additional international locations in Zurich, Riyadh, and Tokyo.<\/p>\n The new WatchBox destinations will join existing operations in Dubai, Hong Kong, Neuch\u00e2tel, Singapore, and its headquarters in Philadelphia.<\/p>\n Miami, New York City and Los Angeles will be the first locations to open in the first quarter of 2022, with retail showrooms designed by Studio Mellone.<\/p>\n \u201cThis is an incredibly exciting time for WatchBox,\u201d says Justin Reis, Global CEO of WatchBox.<\/p>\n \u201cWe have seen profitable growth year-over-year and expect to achieve 40% revenue growth in 2021 and are on track to record $300 million in revenue with double-digit EBITDA margins. As a managed inventory marketplace, we continue to acquire incredible collectors every day, building relationships that last a lifetime. Further, our media-first platform creates programming that engages and educates our collector communities around a shared passion for horology,\u201d he adds.<\/p>\n WatchBox is the second major pre-owned watch operation to disclose financial information in recent weeks.<\/p>\n