WatchBox recently announced that it will reach $300 million in net revenue for 2021, according to a press release.
WatchBox is an e-commerce platform and marketplace where users buy, sell, and trade collectible luxury watches.
According to McKinsey & Company, primary and secondary watch markets are estimated to see a spike from $66 billion to $97 billion in the next four years.
"This is an incredibly exciting time for WatchBox," Justin Reis, Global CEO of WatchBox said, according to the press release. "We have seen profitable growth year-over-year and expect to achieve 40% revenue growth in 2021 and are on track to record $300 million in revenue with double-digit EBITDA margins."
Reis credits WatchBox's success to its collector communities.
"As a managed inventory marketplace, we continue to acquire incredible collectors every day, building relationships that last a lifetime," Reis said. "Further, our media-first platform creates programming that engages and educates our collector communities around a shared passion for horology."
By the end of next year, the company plans to expand with new offices in New York, Los Angeles, Miami, Houston, as well as three global locations, Zurich, Riyadh, and Tokyo.