Checking in On Luxury Market With Watchbox...Watchbox Becomes The 1916 Company
I want to thank all my regular readers pre October 7, 2023 for allowing me to express my strong feelings and opinions and of course facts regarding the the Hamas terrorist massacre. I have appreciated all the feedback and support for the Jewish community and Israel. I have kept my Twitter account alive for now so I can continue to share information, links and people to follow that are covering the hostage situation, anti-semitism and Israel’s war with Hamas.
Today, I want to get back to some business of trends that I have been active in and following, specifically luxury businesses (product and experiences) which include fashion/technology (fashology), golf (Grass Clippings Championship Par 3 Golf and League), cycling (DSTNC), Wealth Management (Lumida) and watches, specifically luxury watches via Watchbox. Yesterday, they unveiled their new brand with a few acquisitions. Watchbox is now ‘The 1916 Company’ and on a revenue run rate north of $500 million.
As part of the launch of The 1916 Company, we are proud to announce that we have joined the Rolex Certified Pre-Owned program. Choosing a Rolex Certified Pre-Owned timepiece from The 1916 Company means selecting a watch that has undergone a rigorous process, ensuring authenticity and functionality in accordance with exacting standards set by Rolex.
Social Leverage (funds) has rarely invested in companies past seed stage.
A few years ago I met Justin Reis, the co-founder of Watchbox and after spending time together over a few months I asked if we could create an SPV (Single Purpose Vehicle) to make an investment in the company. The Company had already raised a couple rounds of financing and therefore not a fit for our fund.
We shared the investment idea with our LP’s and friends and together we made a significant investment via an SPV. We invested in another financing a year later with a second SPV. Michael Jordan and Giannis are just some of the great athletes that love luxury watches and have also invested.
One of my favorite things to do in New York is sit with the New York boutique team and Justin to talk watches and the luxury market. Social Leverage has held some great events in the New York boutique/showroom/office the last year with another coming up mid November.
I have had Justin on the old Panic podcast to discuss the luxury watch market and The 1916 Company a few times but this was fun back in 2021.
If you want a luxury new or used timepiece (I own a few) I am happy to introduce you directly and they have showrooms around the world now.