The luxury watch industry a multi-billion euro sector, according to the company, which noted online sales account for just one to two per cent of the market – making it the fastest-growing industry segment. That, of course, means the timing looks right for Chronext to thrive.2013-founded Chronext acts as a platform where new and used luxury watches can be bought, sold and serviced at “fair prices”. That fairness will likely help encourage would-be customers to get involved as the ecommerce portion of the industry prepares for growth. Launched out of Switzerland, the company grew revenues by 380 per cent year-on-year between December 2014 and 2015. Chronext values, meanwhile, revolve around security and customer service as an in-house workshop verifies authenticity of timepieces. Will Gibbs, Octopus Ventures, said: “Luxury watches is a very interesting segment with a large number of passionate customers who have previously been constrained by the absence of a fully authenticated online marketplace. CHRONEXT has both the ambition and potential to be the category leader. We are looking forward to working with the team.” Octopus’ investment comes after the firm led an £8m round in private aviation firm Stratajet in May. With more than 15,000 products available online, Chronext boasts a London boutique where consumers can visit to browse and collect items.
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