WatchBox Expands Global Footprint in Partnership with Leading Swiss Watch Retailer Les Ambassadeurs

WatchBox opens the doors for buying, selling, and trading certified pre-owned timepieces in Zurich, Geneva, Lucerne, and Lugano in partnership with Les Ambassadeurs, expanding the WatchBox Authorized Dealer network.

WatchBox Partners with Les Ambassadeurs

Philadelphia, PA (April 24, 2019) – WatchBox, the leading global platform for pre-owned luxury timepieces, today announced a partnership with Swiss watch retailer Les Ambassadeurs. The partnership brings expertise in the secondary watch market to one of the industry’s most esteemed luxury watch sellers. Les Ambassadeurs represents the first retail institution in Switzerland to formalize a program for the thriving pre-owned category, and with this announcement, WatchBox further extends its global presence across Switzerland’s most historic and vibrant cities.

The worldwide secondary apparel market–both buying and selling pre-owned items–has experienced remarkable growth in recent years, with expectations to reach USD $41 billion by 20221. Financial consultancy Kepler Cheuvreux estimates the current global market for pre-owned watches alone to be worth upward of USD $15 billion annually, and WatchBox has earned its position as the front runner for the luxury watch category. With showrooms and trading floors in the United States, Hong Kong, South Africa, and Neuchâtel, Switzerland, WatchBox formally launched an authorized dealer network in the United States in December 2018 with California-based Hing Wa Lee Jewelers. The partnership with Les Ambassadeurs represents the next phase of strategic growth for the company.

WATCHBOX VISION

WatchBox Global President and Chief Operating Officer, Amanda Ellison, remarked, “The vision for WatchBox is to create a truly connected global marketplace, instituting a standard of excellence for both product and service within the pre-owned category. By bringing WatchBox to a global stage, we can offer a broader inventory to a greater network of consumers, while hiring and partnering with the most talented traders and retailers in the industry, and achieving economies of scale. We are delighted to forge ahead with Les Ambassadeurs as a strong, forward-thinking partner.”

LES AMBASSADEURS PARTNERSHIP

As an authorized WatchBox dealer, Les Ambassadeurs will offer comprehensive services and consultation for watch trading and buying, as well as access to browse and purchase from WatchBox’s unsurpassed inventory of certified pre-owned watches. Les Ambassadeurs’ buying, selling, and trading services commence in early May at the company’s locations in Zurich, Geneva, Lucerne, and Lugano, Switzerland. And WatchBox’s extensive inventory will soon be presented on lesambassadeurs.ch in the WatchBox Digital Corner, as well as through interactive digital showcases in Les Ambassadeurs’ boutiques across Switzerland’s most prominent cities.

“We are thrilled to enter into this innovative partnership with WatchBox,” Joachim Ziegler, CEO of Les Ambassadeurs, shared. “It was very important for us to not just be a first mover in Switzerland in the pre-owned market, but to also offer an unparalleled service for our clients. They will thus be able to buy, sell, and trade pre-owned watches in our boutiques as well as online, all backed by a 15-month warranty and the trusted expertise of two industry leaders.”

WatchBox’s partnership with Les Ambassadeurs signifies a strategic investment in the growth of the category, uniting the primary and secondary watch markets at their highest levels; an in-store presence with incredible digital support, and a customer-first mindset built upon trust, transparency, and education.

Danny Govberg, co-founder and CEO of WatchBox, affirmed, “WatchBox is thrilled to bring our pre-owned buying, selling, and trading practices to Les Ambassadeurs. Their well-earned reputation extends far beyond Switzerland, and their embrace of the pre-owned market supports WatchBox’s founding thesis that the future of the watch industry is in the true merging of the primary and secondary watch markets.”

Translations: Access French and German versions: http://bit.ly/2VoyalN
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PRESS CONTACTS

Susanne Hurni | shurni@thewatchbox.com | +41 32 722 12 80
Caroline Kallman Joffe | caroline@thewatchbox.com | +1 717 951 2259

 

1 GlobalData Consumer Survey, 2018

WatchBox Introduces Specialty Financial Services Through Partnership with Luxury Asset Capital

Global pre-owned watch platform’s service offerings include buying, selling, trading, and now borrowing against the value of pre-owned luxury timepieces

WatchBox Expands Service Offerings in Partnership with Luxury Asset Capital

Philadelphia, PA; Denver, CO (December 5, 2018) – WatchBox, the leading global platform for the buying, selling, and trading of pre-owned luxury timepieces, and Luxury Asset Capital, a leader in the alternative financing market, today announced a specialty financial services partnership that enables WatchBox’s clients to quickly access capital backed by luxury timepieces or other luxury assets held as loan collateral by Luxury Asset Capital.

WatchBox has achieved global recognition for its trustworthy, easily accessible, and efficient solution for monetizing pre-owned watches. While many parallels can be drawn between collectible art and fine watches, auction houses and financial institutions alike have long offered financial services for the art market, while the watch market has historically not had the transparency nor liquidity to support comparable services. WatchBox and Luxury Asset Capital’s specialty financial services enable clients to realize a broader range of options for their timepieces.

“Our strategy at WatchBox is to deliver a full suite of services for the luxury watch buyer and collector,” said David Kaplan, Chief Marketing Officer for WatchBox. “We buy, sell, and trade thousands of watches every year. Our partnership with Luxury Asset Capital allows clients to tap into the equity of their luxury assets without forfeiting ownership or future appreciation.”

The financial services offered in partnership with Luxury Asset Capital represent another avenue to ‘unlock’ the value in one’s personal watch collection. “At Luxury Asset Capital, we enable clients to quickly and easily borrow against their past purchases, instead of leveraging their future by selling stocks or other securities,” added Dewey Burke, President and CEO of Luxury Asset Capital. “There is a natural fit between Luxury Asset Capital and WatchBox. Luxury watches are consistently among the most popular assets our clients use as loan collateral because they retain so much of their value, and thanks to companies such as WatchBox, enjoy a vibrant secondary market.”

HOW IT WORKS

Prospective clients initiate the loan process through an inquiry on WatchBox’s website, similar to the process of selling one’s watch. After receiving a loan quote from Luxury Asset Capital, the client receives free insured shipping to Luxury Asset Capital’s secure facility. Upon inspection of the watch, Luxury Asset Capital offers financing in amounts up to USD 5 million. Funds can be wired immediately upon agreement of loan terms, and owners can redeem their collateral – watches or other luxury goods – at any time by paying off the loan principal plus service fees incurred.

LEARN MORE: www.thewatchbox.com/financial-services

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Press Contacts

WatchBox | Caroline Kallman Joffe | caroline@thewatchbox.com | +1 717 951 2259
Luxury Asset Capital | Rick Keating | rjk@keatingco.com | +1 917 767 2400

WatchBox Launches Authorized Dealer Network, Strengthening Position in US Market

Partnership between Hing Wa Lee Jewelers and WatchBox empowers retailer to offer pre-owned buying, selling, and trading services in store.

WatchBox Launches Authorized Dealer Network

Philadelphia, PA (December 5, 2018) – WatchBox, the leading global destination for pre-owned luxury timepieces, today announced the launch of its Authorized Dealer network, and welcomed Hing Wa Lee Jewelers as its inaugural partner. As an authorized WatchBox dealer, Hing Wa Lee will offer clients comprehensive services and consultation for watch trading and buying, as well as access to browse and purchase from WatchBox’s global inventory or certified pre-owned watches.

David Lee, Chairman and CEO of the Hing Wa Lee Group, remarked, “Hing Wa Lee Jewelers is excited to partner with WatchBox to provide trading and selling services of pre-owned watches to our clients.”

WatchBox’s founders and leadership believe that physical locations and high-touch personal service in key global markets are invaluable to the widespread acceptance and understanding of the luxury pre-owned watch category. Having successfully launched WatchBox divisions in Hong Kong, South Africa, and Switzerland, the expansion within the United States represents the next phase of strategic growth for the company. The recent acquisition of Chronofy, the valuation subscription service for pre-owned watches, provides WatchBox with the infrastructure and technology to take its services to a network of hand-selected retailers who meet the WatchBox standard for client service.

Global President and Chief Operating Officer of WatchBox, Amanda Ellison, added, “WatchBox is thrilled to bring our pre-owned buying, selling, and trading practices to Hing Wa Lee Jewelers. Their stellar reputation and standard of excellence make Hing Wa Lee the perfect inaugural partner for our network. Through this partnership, WatchBox formalizes the intersection of the primary and secondary watch markets, which means that Hing Wa Lee is now equipped to offer what today’s watch consumer is seeking – a trustworthy partner for the buying, selling and trading of both new and pre-owned timepieces under one roof.”

Hing Wa Lee’s buying, selling and trading services commence today at the company’s locations in San Gabriel and Walnut, CA. WatchBox’s extensive inventory is now presented on www.hingwaleejewelers.com/watchbox in the WatchBox Digital Corner, as well as through interactive digital showcases in each of Hing Wa Lee’s stores.

A celebratory launch and trade-in event is scheduled for Saturday, December 8 at Hing Wa Lee’s Walnut location, during which a selection of exceptional pre-owned watches will be exhibited and available for sale, and WatchBox representatives will be onsite for complimentary valuations.

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Press Contacts

Caroline Kallman Joffe | caroline@thewatchbox.com | +1 717 951 2259