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.”