Focusing on YouTube and e-commerce, the Bala Cynwyd-based spinoff of 105-year-old Govberg Jewelers, WatchBox, has grown to $300 million in sales within just five years of its establishment, writes Kennedy Rose for the Philadelphia Business Journal.
The company is an e-commerce and brick-and-mortar watch reseller that uses both an online store and traditional sales staff in stores and on the phone to work with clients. It also implements various new technologies into its app, such as augmented reality virtual try-ons, drawing in buyers through YouTube and its app.
This spinoff of a family-run jewelry store on Philadelphia’s Jewelers’ Row buys timepieces from collectors that it adds to inventory.
The average sales price on the platform is $20,000, according to Danny Govberg, a third-generation chairman of Govberg Jewelers and one of the minds behind WatchBox.
“Not one day goes by that we don’t sell a watch for over $100,000,” he said.
The company’s inventory is currently valued at around $150 million.
The business has been growing at around 25 to 30 percent on average each year. In addition to its Bala Cynwyd location, the company has retail stores in Hong Kong, Switzerland, Singapore, and Dubai.
Read more about WatchBox in the Philadelphia Business Journal.