WatchBox opens in eight new cities

A visitor looks at a collection of Brequets watches during the Baselworld watch fair in Basel, Switzerland, on Wednesday, March 23, 2011. As Swiss watch enthusiasts flock to Baselworld this week to ogle items including the $35,900 Omega Ladymatic at the industry's largest fair, the devastation left by Japan's earthquake and tsunami threatens to restrain growth in luxury timepiece sales. Photographer: Simon Dawson/Bloomberg

Luxury watch retailer, WatchBox, is accelerating its expansion plan with eight new locations, including its debut in Tokyo.

The brand said it will open five stores during the next six months. The eight new locations will be rolled out by the end of next year with five in the US and three international locations – Zurich, Riyadh, and Tokyo.

“This is an incredibly exciting time for WatchBox,” said Justin Reis, global CEO of WatchBox. “We have seen profitable growth year-over-year and expect to achieve 40-per-cent revenue growth this year.”

The company said it will reach US$300 million in net revenue this year, exceeding US$1 billion in lifetime revenue before the end of the year. WatchBox currently has a presence across Dubai, Hong Kong, Neuchatel, Singapore and the US.

McKinsey & Company estimates the primary and secondary watch markets will grow from US$66 billion to US$97 billion by 2025.