Audemars Piguet to try secondhand market
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Swiss luxury watchmaker Audemars Piguet is planning to launch its own shop for used watches.
It is believed to be the first major watch brand to break into the growing market for secondhand luxury timepieces.
Audemars Piguet (AP) says it has had a “test run” at a Geneva store and intends to expand its secondhand business to other Swiss locations. Initially it is treating customer trade-ins as partial exchanges, later aiming to sell the pieces.
“Secondhand is the next big thing in the watch industry,” says AP chief executive Francois-Henry Bennahmias. “At the moment, we leave it to what I call the ‘dark side’ to deal with demand for pre-owned pieces.”
Smaller-scale watch brands such as H.Moser & Cie and MB&F will join AP in expanding to the secondary high-end goods market later this year.
“It is important to control the sale of secondhand watches to protect owners and the value of watches already in the market,” says H.Moser & Cie’s Edouard Meylan.
Questions & Answers
Q.Which other watch brands are entering the secondhand luxury market this year?
Which other watch brands are entering the secondhand luxury market this year?
Smaller-scale watch brands H.Moser & Cie and MB&F will join Audemars Piguet in expanding to the secondary high-end goods market later this year. They are following AP's lead into this growing segment.
Q.Where did Audemars Piguet conduct its initial trial for selling used watches?
Where did Audemars Piguet conduct its initial trial for selling used watches?
Audemars Piguet conducted a “test run” for its secondhand business at a store located in Geneva. This initial trial is now set to expand to further Swiss locations.
Q.What is Audemars Piguet's initial approach to acquiring used watches from customers?
What is Audemars Piguet's initial approach to acquiring used watches from customers?
Initially, Audemars Piguet is treating customer trade-ins as partial exchanges. The company later aims to sell these acquired pre-owned pieces directly through its new venture.
Q.Why do some watch brands believe it is important to control the sale of secondhand watches?
Why do some watch brands believe it is important to control the sale of secondhand watches?
It is considered important to control the sale of secondhand watches to protect both existing owners and the value of watches already in the market. This strategy aims to maintain brand integrity and investment.
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