Johannes Vermeerstraat 23
1071 DK Amsterdam
Chronext announced record sales in 2020, while global corporations such as Richemont, LVMH and the Swatch Group having to accept double-digit sales losses. The leading transactional marketplace for luxury watches is surpassing the US$120m mark on current exchange rates, for the first time.
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.
In January 2018, Endeit Capital led the investment round that raised US$34 million. With this investment Chronext started to accelerate global expansion and further develop its digital platform. Over the past years the company managed to position itself as a brand that stands for a safe shopping experience and the direct availability of all luxury watches. Customers of Chronext appreciate the performance promise of being able to try on their dream watch without any obligations, convenient and free of charge, at any time at home or in one of the Chronext lounges. Chronext combines the best of digital and stationary and is redesigning the watch trade.
Last year has clearly shown that the growth of the digital luxury watch market continues unabated. The corona-related cuts, which have burdened the entire watch market, could not stop this strong trend. We therefore forecast that this development will continue in the coming years and that demand will continue to rise, especially for Certified Pre-Owned Watches (CPO). The figures also confirm that we are finding the right answers to changing customer needs, especially in these times. This is our incentive to continue to drive growth in the future.
Endeit refers to the following statement in connection with the sustainable finance disclosure regulation (SFDR), available here.
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