WatchBox opens in eight new cities
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Luxury watch retailer, WatchBox, is accelerating its expansion plan with eight new locations, including its debut in Tokyo.
The brand said it will open five stores during the next six months. The eight new locations will be rolled out by the end of next year with five in the US and three international locations – Zurich, Riyadh, and Tokyo.
“This is an incredibly exciting time for WatchBox,” said Justin Reis, global CEO of WatchBox. “We have seen profitable growth year-over-year and expect to achieve 40-per-cent revenue growth this year.”
The company said it will reach US$300 million in net revenue this year, exceeding US$1 billion in lifetime revenue before the end of the year. WatchBox currently has a presence across Dubai, Hong Kong, Neuchatel, Singapore and the US.
McKinsey & Company estimates the primary and secondary watch markets will grow from US$66 billion to US$97 billion by 2025.
Questions & Answers
Q.How many new stores is WatchBox planning to open specifically in the United States?
How many new stores is WatchBox planning to open specifically in the United States?
WatchBox is planning to open five new stores within the US as part of its expansion. These new locations will be rolled out by the end of next year, contributing to their overall growth strategy.
Q.Which three international cities will WatchBox be entering for the first time?
Which three international cities will WatchBox be entering for the first time?
WatchBox will be making its debut in three new international locations: Zurich, Riyadh, and Tokyo. These cities are part of the eight new sites planned for expansion by the end of next year.
Q.What is the expected revenue growth for WatchBox this year?
What is the expected revenue growth for WatchBox this year?
WatchBox expects to achieve 40-per-cent revenue growth this year, with projected net revenue reaching US$300 million. They anticipate exceeding US$1 billion in lifetime revenue before the year's end.
Q.How quickly does WatchBox plan to open its first new stores?
How quickly does WatchBox plan to open its first new stores?
WatchBox intends to open five of its new stores within the next six months. The full eight new locations, including those abroad, are slated to be rolled out by the end of next year.
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