eBay polishes plans for online second-hand luxury watch market
(Corrects lead to remove reference to "auction", also removes
reference to Watchfinder, paragraph 5)
By Silke Koltrowitz
ZURICH, Nov 20 (Reuters) - Buying a second-hand luxury watch
on eBay should get easier next year as the company gets
better at checking that only genuine timepieces are sold on the
"By the end of 2019, we look to have an entire suite of
services available to all luxury watch sellers and buyers on the
platform," James Hendy, in charge of eBay's authentication
service for luxury goods, told Reuters in a recent interview.
While new watch sales have grown more slowly, the used
market has been boosted by younger consumers happy to buy
online, prompting Cartier owner Richemont to buy
second-hand platform Watchfinder.co.uk.
Hendy said eBay's transaction volume of second-hand luxury
watches would exceed $1 billion in 2018. This compares to
volumes of around 1.3 billion euros expected at German rival
Chrono24 by its co-CEO and founder Tim Stracke.
eBay allowed approved professional sellers, like Watchbox,
to list timepieces on eBay with an "authenticity verified" tag
in September by extending its eBay Authenticate programme from
handbags to luxury watches.
And from the first quarter of 2019, eBay will allow
consumers to instantly sell their luxury watch on the site,
adding authentication services to cover all consumer-to-consumer
(C2C) transactions during the second half of the year.
Swiss luxury watch brands have long hesitated to sell online
and used to look at platforms like eBay or specialised websites
Chrono24 or Chronext as a nuisance because watches which
retailers find hard to sell often end up online at a discount.
However, eBay is now looking at partnerships with luxury
brands as it targets a market estimated to be worth around 17.6
billion euros ($20 billion) when jewellery is included, a recent
report by Bain & Company said.
The used market has been boosted by younger consumers happy
to shop online, prompting watch manufacturers like Richemont or
Audemars Piguet to enter the market.
"I believe that in the next few years the primary and
secondary market are going to come together," Hendy said, adding
that brands working with eBay would be able to engage with
customers directly via its platform.
($1 = 0.8748 euros)
(Reporting by Silke Koltrowitz
Editing by Alexander Smith)
First Published: 2018-11-20 17:49:05
Updated 2018-11-20 20:03:14
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