28 Mar 2019 AT 12:50 PM

Discover the world of pre-owned watches in Timepiece360

SPONSORED: Khaled Elsayed, one of the founders of Timepiece360.ae and a watch enthusiast himself, shares his views on the pre-owned watches market and the future for his company…
28 Mar 2019 AT 12:50 PM
Discover the world of pre-owned watches in Timepiece360

What’s the story behind Timepiece360?

“Timepiece360 is an online platform dedicated to buying and selling pre-loved luxury watches. There's a world of demand for people who want to sell or upgrade their watches, and Timepiece360 was established to tackle the region's fragmented pre-owned watch market and address the lack of customer service in this area through technology and transparency.

Why shoud we buy from Timepiece360?

“We cater for all watch enthusiasts, whether they are buying their first luxury watch or are a seasoned collector. We have a robust team of watch specialists, including certified watchmakers, which ensures each item that is listed on the website is guaranteed authentic.”

What changes have you seen in the market?

“The industry has continued to see immense growth. People are becoming more and more comfortable with the notion of buying 'pre-owned' and the idea of buying 'online'. Interestingly enough, the trends have been pretty consistent; over 50 percent of our sales, for example, are for Rolex."

Why is Rolex so popular?

“Rolex have managed to create a brand that people desire, whilst maintaining the re-sale value. Furthermore, there has been a surge in pricing with the Steel Sport models in the secondary market due to demand. Models such as the Rolex Submariner 'Hulk', Rolex GMT Master II 'Batman', Rolex Daytona Steel etc, are all trading at a premium to the retail price in the pre-owned market. So you can now pretty much deem them an investment piece based on the returns they are giving. Not bad for an asset that you can wear, enjoy and then re-sell at a profit!”

Any predictions for the future of the pre-owned luxury watches market?

“The best way to see where the market is heading is to look at the interesting direction it’s moving along in Europe. Brands are beginning to take note of the pre-owned industry and realise that it has a significant part to play in the watch industry. Richemont, for example, recently bought Watchfinder, which is the biggest online pre-owned watch portal in the UK. Chronext in Germany have recently taken a huge stride forward by securing certification for its workshops by Swatch Group.

“I believe this trend will continue developing as brands try and realise alternative revenue sources, whilst the pre-owned players continue to grow.”

What are the future plans for Timepiece360
“We have a lot going on in the pipeline and are very excited about what the future holds.  Expansion is always on our minds; this year we hope to be in at least one new market and are working very hard at finding the right people to make that happen. 

“We see ourselves very much as a technology company and are always looking at finding solutions to problems using technology.  We are very excited to be launching an Auction App, which will be the first of its kind in the region for watches.  We are also working on how to improve pricing transparency on both the buy and sell side.  Luxury is one of the last few industries to be disrupted and we believe there is a huge opportunity which we are very excited to be a part of.”