ccording to McKinsey & Company, the primary and secondary watch markets are expected to grow from USD 66 billion to USD 97 billion by 2025. “This is an incredibly exciting time for WatchBox,” said Justin Reis, Global CEO of WatchBox.
“We have seen profitable growth year-over-year and expect to achieve 40% revenue growth in 2021 and are on track to record USD 300 million in revenue with double-digit EBITDA margins,” Reis continued. “As a managed inventory marketplace, we continue to acquire incredible collectors every day, building relationships that last a lifetime. Further, our media-first platform creates programming that engages and educates our collector communities around a shared passion for horology.”
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 will join the existing company footprint which includes Dubai, Hong Kong, Neuchâtel, Singapore, and its U.S. headquarters in Philadelphia.
The launch of WatchBox’s new locations will offer its community unparalleled personal connection. In contrast to traditional brick and mortar retail, WatchBox’s experiential concept draws from one of the world’s largest centralized inventories of more than USD 150 million of watches. These innovative spaces will 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.
“At WatchBox, we are powered by our global community of watch enthusiasts, the core pillar of our business. 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,” 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 engaged to design the first U.S. locations.