Free Subscription

  • Access 15 free news articles each month


Try one month for $4
  • Unlimited access to news,insights and opinions
  • Quarterly and weekly magazines
  • Independent research reports and forecasts
  • Quarterly webinars with industry experts
  • Q&A with retail leaders
  • Career advice
  • 10% discount on events

Malaysia’s Industronics to launch online pre-owned watch platform

Malaysian electronic company Industronics Berhad is tapping into the watch market with the launch of an online pre-owned watch platform, WatchExchange. 

The e-commerce site will be managed by Industronics’ subsidiary in Hong Kong, Ecgo International. 

WatchExchange will feature pre-owned watches from a variety of luxury labels, including Audemars Piguet, Hublot, Patek Philippe, Tag Heuer, IWC, Omega, Jaeger LeCoultre, Panerai, Rolex, and Breitling.

“It is evident that the pre-owned luxury watch market has promising growth prospects with a potential boom ahead,” said Datuk Chu Boon Tiong, executive director at Industronics Berhad. 

According to Bain & Company, the market was worth about US$17 billion in 2018, yet less than 20 per cent of that is in the Asia-Pacific region.

“The biggest challenge for the pre-owned luxury watch market lies in authenticating the watches,” Tiong said. 

“We have a team of professional and experienced watch appraisers, ready to help our customers to evaluate and appraise pre-owned watches. Upon confirmation of its authenticity, the company will issue a globally recognised certificate to the new buyer.

“This is very important to ensure the value of the watch remains,” he added. 

The company said it is looking to raise US$59 million from potential investors, with the proceeds used to purchase stock. 

“We intend to replicate the business models globally via partnerships with a locally listed company in the respective countries. Among the markets that we are looking into are Malaysia, Singapore, Indonesia, Hong Kong, China, and several emerging markets in Europe as well.”

You have 7 free articles.