Bala Cynwyd-based WatchBox, a Govberg Jewelers spinoff backed by Michael Jordan, is planning on expanding its luxury watch resale model next year to include high-end jewelry, writes Ryan Mulligan for the Philadelphia Business Journal.
The company plans to roll out jewelry sales early next year. This will add vertical expansion to what WatchBox says is the biggest pre-owned luxury watch inventory in the world.
WatchBox Founder Danny Govberg believes that adding jewelry sales vertical can increase the company’s revenue by around 10 percent almost immediately. This new inventory also fits with the shopping habits of the fast-growing startup’s existing clientele, who might decide to add various jewelry pieces to watch purchases.
However with the rapid growth over the past five years, Govberg is still cautious about growing too quickly.
“Over the five years, there’s been some pivots,” he said. “But we’ve arrived at where I always wanted to be. What we wanted to create is a global platform of very high-end watch collectors collecting timepieces. And once we have that built out and we gain their trust on a one-on-one basis, we can decide what else we like to offer them.”
Read more about WatchBox in the Philadelphia Business Journal.