Audemars Piguet to Launch Second-Hand Watch Business
The first major luxury timepiece brand to engage in the trade.
As Business of Fashion reveals, Audemars Piguet is planning to launch its own second-hand operation. The move will reportedly make the company the first major watch brand to officially join the rising market for secondary luxury timepieces.
AP explained to Reuters that its latest venture has already experienced a “test run” at a Geneva store and intends to expand its second-hand business to other Switzerland locations. Piguet’s approach will initially treat customer trade-ins as partial exchanges, later aiming to sell the pieces. “Second-hand is the next big thing in the watch industry,” AP chief executive Francois-Henry Bennahmias tells Reuters. “At the moment, in watches, we leave it to what I call the ‘dark side’ to deal with demand for pre-owned pieces.”
Other, smaller-scale watch brands, such as MB&F and H.Moser & Cie, will also join AP in expanding to the secondary high-end goods market later this year. “It is important to control the sale of second-hand watches to protect the owners and the value of watches already in the market by keeping the grey market in check,” reads a quote from H.Moser & Cie’s Edouard Meylan. Time will tell if AP’s direct competitors will follow the company’s lead.
Stay tuned for more information regarding which Audemars Piguet stores will take part in the brand’s new second-hand effort. Earlier this month, AP introduced the Royal Oak Chronograph in platinum.
