WatchBox to open eight new stores
WatchBox, a platform for collectable luxury watches, unveiled on Wednesday plans to open eight new locations around the world, including five set to open in the next six months.
Miami, New York City and Los Angeles will be the first locations to open in the first quarter of 2022. Next, WatchBox plans to open in Houston, and Dallas plus three additional international locations in Zurich, Riyadh, and Tokyo.
The new locations were described as “innovative spaces” and are expected to be “dynamic gathering places where enthusiasts can connect and share their love of luxury timepieces, view unique inventory, and build relationships that will enhance their watch collecting experience.”
Design firm Studio Mellone, credited with luxury concepts and showrooms around the world, has been hired to design the first U.S. locations. The new WatchBox destinations join existing stores in Dubai, Hong Kong, Neuchâtel, Singapore, and its U.S. Headquarters in Philadelphia.
"At WatchBox, we are powered by our global community of watch enthusiasts, the core pillar of our business,” said Justin Reis, Global CEO of WatchBox.
“Each time we open a new location, we successfully activate new communities in new markets. By being closer to our customers, we are able to deliver incredible access to product, our client advisors and our collector community, creating an arena for watch enthusiasts to gather, learn and discover.”
The company said it is on track to reach USD 300 million in net revenue for 2021, and is set to cross USD one billion in lifetime revenue for the first time ever, before the end of the year.
According to McKinsey & Company, the primary and secondary watch markets are expected to grow from USD 66 billion to USD 97 billion by 2025.
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