» » eBay polishes plans for online second-hand luxury watch market

eBay polishes plans for online second-hand luxury watch market

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"By the end of 2019, we hope that a full range of services will be available for all luxury watch sellers and buyers on the platform,” said James Hendy, in charge of eBay authentication services for luxury goods, in a recent interview with Reuters.

While sales of watches grew more slowly, the used market was reinforced by younger consumers buying online with pleasure, prompting Cartier Richemont (CFR.S) to buy a used Watchfinder.co.uk platform.
Hendy said that the volume of eBay transactions for used luxury watches will exceed $ 1 billion in 2018. This compares with a volume of about 1.3 billion euros expected from German rival Chrono24 by its co-CEO and founder Tim Strake.

eBay allowed approved professional retailers, such as Watchbox, to list watches on eBay with an authentication tag in September, expanding its eBay authentication program from bags to luxury watches.

And from the first quarter of 2019, eBay will allow consumers to instantly sell their luxury watches on the site, adding authentication services to cover all transactions between consumers and consumers (C2C) in the second half of the year.

Swiss luxury watch brands have not hesitated to sell online for a long time and are used to looking at platforms such as eBay or the specialized websites Chrono24 or Chronext as troubles, because watches that retailers find difficult to sell often turn out to be online at a discount.

However, eBay is now considering partnerships with luxury brands as it is aimed at a market that is estimated to cost about 17.6 billion Euros (20 billion US dollars) when jewelry is included, says a recent Bain & Company report.

The market used was reinforced by younger consumers who were happy to shop online, prompting watch manufacturers such as Richemont or Audemars Piguet to enter the market.
"I believe that in the next few years, the primary and secondary markets are coming together,” said Hendy, adding that brands working with eBay will be able to directly interact with customers through their platform.
(1 US dollar = 0.8748 euros)

(This story corrects the conclusion about deleting the link to "auction”, also deletes the link to Watchfinder, paragraph 5)


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