Pre-Owned Timepiece Marketplace WatchBox Raises $165 Million USD
The company’s sales are up 40% year-over-year.
Pre-owned timepiece marketplace WatchBox has just raised $165 million USD in its latest round of funding.
Founded in 2017, the company specializes in selling pre-owned luxury watches and has locations in the U.S., Hong Kong, Singapore, Dubai and Switzerland on top of its wide-reaching e-commerce platform. The sum from the new round of funding will be used to extend the reach of its physical retail locations while widening its inventory. According to analysts, the second-hand luxury watch market is worth roughly $20 billion USD and is growing at a much faster pace than its primary counterpart.
“WatchBox’s sales are up 40% year over year and we are on target to achieve $300 million in sales this year,” said the company’s co-founder and CEO Justin Reis. “Rolex, Patek Philippe, Audemars Piguet, and A. Lange & Sohne continue to perform incredibly well alongside leading independent brands.”
Elsewhere in the watch world, here’s a closer look at some of the most interesting caseback engravings found on Rolex watches.
