(Bloomberg) — Retailer WatchBox says it plans to open five stores in the U.S. as the company seeks to build on strong sales of its pre-owned luxury watches amid robust demand for high-end products.
WatchBox is set to open stores in New York, Los Angeles and Miami in the first quarter of 2022, with plans to launch in Houston and Dallas as well as Zurich, Riyadh and Tokyo by the end of next year. The company, which is headquartered in Philadelphia, already has outlets in several places such as Hong Kong and Dubai.
WatchBox Chief Executive Officer Justin Reis said the company expects to record 40% sales growth this year, putting it on track to hit $300 million in net revenue in 2021.
The company, which initially focused on online sales of pre-owned luxury watches when it launched in 2017, has opened more stores because of the clear-cut boost to revenue, Reis said.
“Each new location on average delivers 40% revenue growth rate after the first 12 months from opening and becomes a valuable origination channel for pre-owned time pieces to our platform,” he said in an interview.
More stories like this are available on bloomberg.com
©2021 Bloomberg L.P.
