There are quite a lot of providers that allow you to promote your used watches or just buy new watches however few have the funding battle chest of Chronext. This on-line providers helps you to purchase and promote fancy watches for a fraction of the value and, as evidenced by their efficiency and the efficiency of competitor Crown and Caliber, it seems to be like that market is heating up.
Created by Philipp Man and Ludwig Wurlitzer that startup has seen $60 million in transaction quantity in 2017 and expects to see $130 million in 2018. They’ve raised a second $34 million spherical from Endeit Capital and Tengelmann Ventures and have already taken $16 million to start out the enterprise.
“CHRONEXT allows over 1,800 retailers, brands and consumers to do business globally. The company takes care of pre- and after-sale service, payment, authentication and also logistics,” mentioned Man. “Despite being a marketplace, the customer always buys directly from CHRONEXT and thus has all the security of buying with a dedicated retailer while at the same time being able to tap into a global supply network. Every watch is authenticated by our own watchmakers.”
The founders created the company after experiencing the used e-book market. The used watch market is fascinating in that imperfect data has been pushed out of the system. Any vendor with an Internet connection can simply affirm whether or not their Rolex or Omega is value just a few hundred or just a few thousand however unhealthy actors nonetheless abound. Fakes nonetheless pop up and a few watches are too far gone to make use of.
Services such as Chronext make sure that the piece you’re shopping for works and is official. “Being heavily into watches and fascinated by free market dynamics in the trade of consumer products, we saw huge potential for creating a marketplace that allowed the secure and simple global trading of high quality timepieces,” mentioned Man. “We created the first truly transactional luxury watch marketplace for both new and pre-owned watches as well as bringing together retailers, brands and consumers on one platform.”
