WatchBox set to cross $1 billion in revenue milestone, unveils global expansion plan with eight new locations
WatchBox, the world’s leading platform for collectable luxury watches, announced that it is on track to reach $300 million in net revenue for 2021, and, since its inception in 2017, will cross $1 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 $66 billion to $97 billion by 2025. Justin Reis, Global CEO of WatchBox, explained that this is an incredibly exciting time for WatchBox, as they had seen profitable growth year-over-year and expect to achieve 40% revenue growth in 2021 and are on track to record $300 million in revenue with double-digit EBITDA margins.
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 centralised inventories of more than $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.
Reis added that at WatchBox, they are powered by their global community of watch enthusiasts, the core pillar of their business. Each time WatchBox opened at a new location, they successfully activated new communities in new markets.
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 locations.
