Swiss luxury watchmaker Audemars Piguet is planning to launch its own shop for used watches.
It is believed to be the first major watch brand to break into the growing market for secondhand luxury timepieces.
Audemars Piguet (AP) says it has had a “test run” at a Geneva store and intends to expand its secondhand business to other Swiss locations. Initially it is treating customer trade-ins as partial exchanges, later aiming to sell the pieces.
“Secondhand is the next big thing in the watch industry,” says AP chief executive Francois-Henry Bennahmias. “At the moment, we leave it to what I call the ‘dark side’ to deal with demand for pre-owned pieces.”
Smaller-scale watch brands such as H.Moser & Cie and MB&F will join AP in expanding to the secondary high-end goods market later this year.
“It is important to control the sale of secondhand watches to protect owners and the value of watches already in the market,” says H.Moser & Cie’s Edouard Meylan.