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Luxury watch marketplace WatchBox raises $165 million in funding round

By Reuters

<div> <p>By Silke Koltrowitz</p> <p><span class="caps">ZURICH</span> – Luxury watch marketplace WatchBox raised $165 million of equity capital in a funding round to continue its global expansion, it said on Tuesday.</p> <p>The Radcliff Companies and The Spruce House Partnership were lead investors and were joined by <span class="caps">CMIA</span> Capital Partners along with other existing investors, WatchBox said in a statement.</p> <p>WatchBox, founded in 2017, said it will use the capital to extend its digital platform and expand into new locations in the United States and internationally while enhancing its inventory.</p> <p>“WatchBox’s sales are up 40% year over year and we are on target to achieve $300 million in sales this year,” co-founder and <span class="caps">CEO</span> Justin Reis told Reuters.</p> <p>He said sales had gone up in all markets where WatchBox is present, from the United States to Hong Kong, Singapore, Switzerland and Dubai. </p> <p>“Rolex, Patek Philippe, Audemars Piguet, and A. Lange & Sohne continue to perform incredibly well alongside leading independent brands,” Reis said, adding that demand was soft in more widely distributed mid-tier brands owing to excess supply in the market.</p> <p>Analysts estimate the market for second-hand luxury watches to be worth $20 billion and say it is growing faster than the primary market.</p> <p>A study by Deloitte published last month showed almost one in three consumers was likely to buy a second-hand watch in the next 12 months, with younger buyers driving the trend. Deloitte said consumers bought second-hand watches because of lower prices, access to discontinued models and for investment purposes.</p> <p/> </div>