Cape Town SA, (October 28, 2020) – The world of luxury watches continues to make headlines around the world and Topwatch, South Africa’s leading pre-owened luxury watch specialist, is no exception. Recording extraordinary growth year-on-year, Topwatch is proving to be the fastest growing, independently owned, pre-owened watch retailer on the continent. With a globally curated inventory of luxury timepieces, yielding great returns, the industry specialist is well positioned for global expansion, offering investment seekers access to even more value.
Delving into Topwatch’s financial performance, the company recorded 44% growth in turnover from 2018 to 2019 with the company being well on track to reach R 139 million in turnover for 2020. With an average year-on-year growth of 12.8%, the company’s current EBITDA percentage is well above the industry standard of 10%. Future growth looks promising with more and more investment seekers finding value in the pre-owned watch market.
From watches to accessories, to parts and servicing, Topwatch expects to complete over 4200 transactions this year, selling over 2000 items and purchasing well over 2200 timepieces. Thanks to Topwatch’s sophisticated technology and insights from its watch experts, the company is well equipped to identify the best performing watch brands, which for South African and European markets are currently; Rolex, Tag Heuer, Breitling, Omega, Panerai, Patek Philippe and Audemars Piguet.
It’s evident that Covid-19 has had a profound effect on businesses globally, yet Topwatch has thrived thanks to a number of factors, particularly with luxury watches being recognised as a valuable asset class. Over and above offering a great investment opportunity, luxury watches also hedge currency risk. In uncertain times, people are looking for sound investment opportunities, and the pre-owned luxury watch market offers just that.
Thanks to Topwatch’s collective track record and reputation, watch enthusiasts from all around the globe refer to Topwatch as their go-to watch specialist. With the global pandemic creating opportunities for international market trading, Topwatch enjoyed much success being ahead of the curve with years of global trading under its belt. Online shopping too, has become the norm and thank’s to Topwatch’s reputable online presence over the years, more customers are showing confidence in online dealings with the company. Together with aggressive marketing tactics throughout the lockdown period, Topwatch gained significant ground building a broader customer network.
Topwatch continues to outperform other market players not only because of its comprehensive online presence, but because of its extensive footprint with four offices in major South African metropolitans, a branch in the US and offices opening in London and Hong Kong respectively. Topwatch is also one of a few pre-owened watch companies to have an in-house service center. Moreover, Topwatch owns all its pieces, offering professional curation of each and every timepiece, thanks to a global network of watch traders, allowing for the best trading prices. In addition, Topwatch is one of the only companies to offer a 24 month warranty. And with over 30 staff and excellent turnaround times, it’s no wonder Topwatch is a top performer.
According to Topwatch CEO, Johan Dreyer, “Market predictions see luxury watch pricing increase over the next few years as bigger corporates and investment players penetrate this asset class market. We’ll start to see global price standardisation with more formalised and regulated watch dealing processes, so it’s an ideal time to get into the market to ensure great return on investment.” He adds, “If you’re looking for investment worthy watches, the following brands always do well; Rolex, Patek Philippe, Aduemars Piguet, Richard Mille, H.Moser & Cie, Chronoswiss, and F.P. Journe.”
However, Topwatch CRO, Roland Rodrigues, cautions people to refer to a reputable market player when trading luxury watches and advises to “ensure the company you’re dealing with has the ability to internally inspect watches and insure mechanical integrity.” Rodrigues goes on to add, “be mindful of fraudsters and if in doubt, contact a watch expert for advice.”
It’s evident the sky is not the limit for Topwatch as it continues to soar to new heights, achieving record breaking numbers thanks to industry leading offerings and service, proving, ultimately, that time is worth the investment.