November 29, 2023

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Cristiano Ronaldo invests in watch-trading web site Chrono24

2 min read

“It was necessary for us that it’s a vital quantity,” Co-CEO Tim Stracke mentioned in an interview.

The marketplace for second-hand watches is predicted to develop 75 per cent by the tip of the last decade, reaching 35 billion Swiss francs ($39.6 billion), in response to consulting agency Deloitte. Income of pre-owned timepieces might overtake gross sales of recent watches by 2033, in response to LuxeConsult, a Swiss based mostly evaluation and consulting agency.

Well-known for a various private luxurious watch assortment valued within the hundreds of thousands, Ronaldo has been noticed carrying manufacturers starting from Rolex to extra blingy timepieces from Jacob & Co., Girard-Perregaux and Franck Muller.

Chrono24’s Stracke mentioned the take care of the soccer legend isn’t an endorsement or advertising settlement.

“He gave cash to us, not us giving cash to him,” Stracke mentioned.

Chrono24 is the most important devoted on-line market for luxurious watches with as many as half 1,000,000 timepieces listed by sellers and personal sellers on the platform at any given time. The corporate, which Stracke mentioned has double-digit working margins, earns charges on every transaction.

After an unprecedented surge in 2021 and the primary quarter of 2022, costs for probably the most in-demand luxurious watches from Rolex, Patek Philippe and Audemars Piguet have fallen sharply and are near two-year lows, in response to information from Subdial, one other on-line buying and selling platform within the UK.

Chrono24 lower about 13 per cent of its workforce in January and restructured a few of its operations amid the downturn.

Stracke mentioned costs for a lot of Rolex fashions are stabilizing whereas the most well-liked Patek and Audemars Piguet watches together with the Nautilus and Royal Oak are nonetheless falling, albeit at a a lot slower tempo than final yr.

The surge of provide that drove costs decrease final yr is beginning to abate, he mentioned. The variety of Patek Nautilus provided on the market on the platform has dropped 20 per cent since January as demand for the Gerald Genta-designed timepiece has stayed fixed.

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