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Old Watches, New Tech Investments

As the clocks tick for traditional retailers, resale’s trajectory penetrates further. The pre-owned luxury watch market has yet to tap the same technology, logistics and efficiency at scale that powers the businesses of handbag and clothing resellers. Until now. Luxury timepiece reseller WatchBox is using technology as well as leveraging content, which may be a market differentiator (some of the site’s videos garner in excess of 40,000 views). The market size for luxury timepieces in the U.S. is estimated to be $580.6 million in 2018, up from $126.7 million in 2013, according to market researcher Euromonitor International. And the Chinese market is even larger. As previously reported in WWD, players operating and newly entering the pre-owned luxury timepiece sector include Atlanta-based Crown & Caliber and Richemont-owned Watchfinder.com, which was acquired last year. WatchBox, a Philadelphia-based company launched in 2017, is one that shines like new, built on the foundation of a 100-year-old family business (previously Govberg Jewelers) polishing its operations with the help of CMIA Capital Partners, who pitched more than $100 million for improvements last year. Since then, technology advancements, with a focus on its consumer-facing app, content and pricing technology allow the company to set its sights on global markets. The WatchBox HQ.  Courtesy

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