WatchBox Achieves Billion Revenue Milestone and Unveils Global Expansion Plan with Eight New Locations

PHILADELPHIA CREAM, October 6, 2021 / PRNewswire / – WatchBox, the world’s premier collectible luxury watch platform, today announced that it is on track to reach $ 300 million in net sales for 2021, and, since its creation in 2017, will exceed a billion dollars of lifetime sales before the end of the year. The company also unveiled plans to open eight new locations around the world, five of which are expected to open in the next six months, including its first US satellites.

Interior image of WatchBox location in Dubai

According to McKinsey & Company, the primary and secondary watch markets are expected to grow from $ 66 billion To $ 97 billion by 2025. “This is an incredibly exciting time for WatchBox,” said Justin reis, Global CEO of WatchBox. “We have experienced profitable year-over-year growth and expect to achieve 40% revenue growth in 2021 and are on track to record $ 300 million revenues with double-digit EBITDA margins, ”continued Reis. “As a managed inventory marketplace, we continue to acquire amazing collectors every day, building relationships that last a lifetime. In addition, our media first platform creates a program that engages and educates our communities of collectors around a common passion for watchmaking. “

By the end of 2022, WatchBox plans to open in new York, Los Angeles, Miami, Houston, and Dallas plus three additional international locations in Zurich, Riyadh, and Tokyo. The new WatchBox destinations join the company’s existing footprint which includes Dubai, Hong Kong, Neuchâtel, Singapore, and its American headquarters at Philadelphia cream.

The launch of the new WatchBox locations will give its community an unprecedented personal connection. Unlike traditional brick-and-mortar retail, WatchBox’s experiential concept relies on one of the world’s largest centralized inventories of more than $ 150 million of watches. These innovative spaces will be dynamic gathering places where enthusiasts can connect and share their love of luxury watches, browse a unique inventory and build relationships that will enhance their watch collection experience.

“At WatchBox, we are powered by our global community of watch enthusiasts, the central pillar of our business. Every time we open a new location, we are successfully activating new communities in new markets. By being closer to our customers, we are able to offer incredible access to the product, to our customer advisors and to our community of collectors, creating an arena for watch enthusiasts to come together, learn and discover, ”added Reis.

Miami, New York City and Los Angeles will be the first locations to open in the first quarter of 2022. Renowned design firm Studio Mellone, credited with luxury concepts and showrooms around the world, has been hired to design the first locations in the United States.

About WatchBox:
WatchBox is the world’s leading platform for collectible luxury watches. Offering the largest collection of luxury watches in mint condition, authenticated and backed by a worldwide warranty, WatchBox is the ultimate destination for watch collectors. Members of the WatchBox collectors community receive white-glove concierge service online or at one of our global locations in the United States, Hong Kong, Singapore, Switzerland and Dubai, with additional locations on the way. As the leading technology platform and pioneer in media-driven commerce, WatchBox produces and distributes original video content daily, with a growing library that includes market information, collector interviews and thousands of watch reviews. . Learn more at www.thewatchbox.com.

WatchBox logo

WatchBox logo


Source link