The Malaysian electronic company Industronics Berhad has landed in 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. “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,” Tiong added.
The company said it is looking to raise US$59M from potential investors, with the proceeds used to purchase stock.
