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Online trading of luxury watches is expanding further: The online platform CHRONEXT receives investment from Slingshot Ventures, among others, to accelerate growth in the Certified Pre-owned segment and is on its way to profitability
CHRONEXT, the leading luxury watch company, announced the closing of its Series E financing round today bringing the total amount raised since the last financing round to 65 million USD. The round was led by Slingshot Ventures, who joined existing investors Partech, Endeit Capital, Tengelmann Ventures, Octopus Ventures, Capnamic and NRW.Bank as new shareholders. The new investment covers debt and equity components and enables CHRONEXT to focus on achieving profitability. CHRONEXT already works with some of the largest luxury watch manufacturers directly to expand their digital distribution channels as well as the brands’ Certified Pre-owned concept, allowing them to achieve a sales growth of 86% in 2019.
Philipp Man, CEO and co-founder of CHRONEXT, explains: “The immense disruption in the luxury watch market has only just begun. The Certified Pre-owned market is by far the fastest growing segment in the 80 billion USD luxury watch market, especially for millenials. We are very excited about SlingshotVentures
joining our existing shareholder base, they have many years of experience in scaling up e-commerce companies and expertise that will help us to consolidate our brand as the leading platform in the Certified Pre-owned segment. As we continue to grow, especially in the pre-owned segment, our focus on working directly with luxury watch manufacturers and with their retail partners has given us a unique selling proposition in the industry to achieve sustainable profitability.”
CHRONEXT was founded in Switzerland in 2013 and has grown into a platform for new, pre-owned and vintage luxury watches with an average shopping cart value of
€7,000 and an average annual sales increase of 230 percent. Models of various brands can be bought, sold, traded or revised on the platform. As of 2020, CHRONEXT has sold more than 50,000 watches in the past seven years with their services enabling more than 1,800 retailers, brands and consumers to do business worldwide. The company manages the pre-sales and after-sales service, payment, authentication and logistics. Currently, online sales account for less than five percent of the market and represent the fastest growing segment in the industry. In order to guarantee security in online trade, every watch offered in the CHRONEXT range is checked for authenticity and quality in 13 meticulous steps in the certified in-house watchmaker’s atelier. In addition to the growing online selection of 7,000 immediately available luxury watches, customers can receive a personal consultation or collect their online purchase in-person at twelve international locations.
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