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.
Read more on the luxury lifestyle with our Business Class section:
The €11m financing round from Made.com investor Partech and Secret Escapes investor Octopus will be used for growth in the UK, Germany and internationally. Existing investors Capnamic Ventures, NRW.BANK and InVenture Partners also contributed to the round. Chronext co-founder and CEO Philipp Man said the capital and support from its partners will help the business “evolve into the largest player in the luxury timepiece market in the near future.” “Chronext is operating a unique model to become a global digital leader in the huge market of luxury watches. We were especially impressed by the level of expertise of the founding and management team, which in our opinion will be a clear differentiator for success”, added Olivier Schuepbach, general partner of Partech. “The incredible pace at which the company grew till now and the successful start of internationalisation beyond Germany were also key considerations for us to invest in Chronext.” By Zen Terrelonge
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
