From an October 6, 2021 News Release – Source WatchBox
WatchBox, the world’s leading platform for collectable luxury watches, today announced it is on track to reach USD 300 million in net revenue for 2021, and, since its inception in 2017, will cross USD one billion in lifetime revenue before the end of the year. The company also unveiled plans to open eight new locations around the world, with five set to open in the next six months, including its first US satellites.
According 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 join the existing company footprint which includes Dubai, Hong Kong, Neuchâtel, Singapore, and its US 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.
About WatchBox:
WatchBox is the world’s leading platform for collectable luxury timepieces. Offering the largest collection of pristine condition luxury watches, authenticated, and backed by a global warranty, WatchBox is the watch collector’s ultimate destination. Members of the WatchBox collector community receive white glove concierge service online or at any of our global locations in the US, Hong Kong, Singapore, Switzerland and Dubai, with additional locations on the way. As a technology-first platform and pioneer in media-driven commerce, WatchBox produces and distributes original video content daily, with a growing library that includes market insights, collector interviews and thousands of watch reviews.
Watchbox has a Youtube Channel with lots of videos like this one, to tell you all there is to know about these (what most people would consider to be) insanely expensive watches. The good news for those who might aspire to own one of these fine timepieces, but whose budgets aren’t quite there yet, you can at least watch these videos for free.
Philadelphia Business Journal ran a story on Tuesday (October 12) about Watchbox and Danny Govberg, describing him as the third-generation chairman of 105-year-old Govberg Jewelers, and he’s also one of the minds behind Bala Cynwyd-based WatchBox, an e-commerce and brick-and-mortar watch reseller founded in 2017.
According to Govberg Jewelers websiteThe Govberg Jewelers legacy began in 1916 on South Street in Philadelphia, opened by Albert and Sam Govberg. Young watchmaker, and diamond expert, Albert Govberg continued on by opening a family-run specialty store along Philadelphia’s historic Jewelers Row in 1922.
In 1987 the Govbergs opened a store in Montgomery Avenue, in Narberth. In 1992, they moved a few blocks away on Montgomery Avenue to Bala. Their next move, in 2012, took them to their current location at Suburban Square, in Ardmore. Govberg Jewelers also has a store at 1529 Walnut Street.