WatchBox launches as global e-commerce platform

Watch industry executives Danny Govberg, CEO of Govberg Jewelers, Liam Wee Tay, former owner of Sincere Watch, and investor and entrepreneur Justin Reis have partnered to launch WatchBox, a global e-commerce platform for the buying, selling and trading of luxury pre-owned timepieces. CMIA Capital Partners, a Singapore-headquartered private equity firm, led an initial investment round in WatchBox to accelerate growth across key global luxury watch markets, earmarking over 100 million dollars of capital to be deployed over the next 18 months to build out its multi-platform strategy.

"In WatchBox, we are backing a proven leadership team of industry veterans who offer a fresh perspective on the global luxury watch industry," said Lee Chong Min, managing partner of CMIA Capital Partners. "WatchBox's fast growing annualized revenue run-rate is set in the near term to exceed 200 million dollars. We believe WatchBox will transform the multi-billion-dollar luxury watch industry. CMIA Capital Partners stands ready to back WatchBox in subsequent funding rounds to further capitalize on certain M&A and business opportunities."

WatchBox building its multi-platform strategy

After establishing a strong U.S. presence, they took their next step by opening a physical location in Hong Kong. WatchBox now operates dual headquarters, showrooms and "trading floors" or e-commerce centers, in the world's two largest watch markets.

In Asia, the leadership team includes Tay and Reis. Tay is known for transforming Sincere Watch from a traditional family-owned company into a pan-Asian luxury watch institution, taking it public in both Singapore and Hong Kong before selling in 2012.

"WatchBox capitalizes on the estimated 400 billion dollar global pre-owned watch market by embracing advanced technology to offer consumers a scalable platform to buy, sell and trade pre-owned timepieces through a trusted partner," said Tay. "We are committed to elevating the pre-owned watch perception and experience worldwide, offering collectors an efficient digital marketplace, real time pricing data on their collections, and high-touch client initiatives anywhere in the world. Our footprint and unmatched industry experience in the U.S. and Asian markets heightens our ability to drive this change."

"We see the opportunity to build a U.S. 500 million dollar plus business in the coming years," added Reis. "The watch industry is going through a period of consolidation and the timing is right to build a robust and trusted global trading platform in the pre-owned category."

Govberg oversees U.S. operations. "With North America and Hong Kong representing the most important markets for luxury Swiss watches, the genesis of WatchBox represents revolutionary steps to elevate the pre-owned watch category," said Govberg. "Striking the perfect balance of technology, data systems and 24-7 connectedness, along with personalized service, guaranteed authenticity and value, WatchBox will become one of the fastest growing luxury online watch destinations."

WatchBox currently has 130 global associates, showrooms and private offices in Hong Kong and North America, and plans to further expand into other regions across Asia and Europe within the next year.

photos: via PR Newswire