Pre-Owned Watch Company Topwatch Reports Growth and Global Expansion in 2020
The world of luxury watches continues to make headlines around the world, and Topwatch, Africa's leading pre-owned luxury watch specialist, is no exception. Recording extraordinary growth year-on-year, Topwatch is proving to be the fastest-growing, independently owned certified pre-owned watch operation on the continent. With a globally curated inventory of luxury timepieces, yielding great returns, the industry specialists are well-positioned for global expansion, offering investment seekers access to even more valuable inventory.
CAPE TOWN, South Africa, Dec. 1, 2020 /PRNewswire/ -- And the numbers speak for themselves. In its previous fiscal year, the company recorded a growth in profit of 11.7%, while the current year is set to return a 19.5% GP, being on track to hit $9.1 million in sales for 2020. With year-on-year EBITDA of over 8%, the company's current valuation is estimated at well over $10 million with an exponential curve forecast, thanks to penetrated international markets.
Topwatch expects to complete over 4,200 transactions this year, selling over 2,000 items and purchasing well over 2,200 stock units. The average selling price of watches is now more than $7,000 each, indicating the growth of investment orientation.
Thanks to Topwatch's sophisticated back-end system and insights from the company's watch experts, the business is well-equipped to identify the best-performing watch brands in South Africa, which are currently Rolex, Tag Heuer, Breitling etc.
It's evident that COVID-19 has had a profound effect on businesses globally, yet Topwatch has thrived thanks to several factors, particularly luxury watches being recognised as a valuable alternative asset class. Over and above luxury watches being a great investment opportunity, they 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. Online shopping, too, has become the norm, and thanks to Topwatch's reputable online presence over the years, more customers feel confident 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 global 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 the very few pre-owned watch companies to have an in-house service center. Moreover, Topwatch owns all its pieces, physically holding all the watches it sells, fostering trust, and ensuring peace of mind.
Lastly, with the weaker South African Rand and a 15% tax back on purchases, global shoppers can enjoy some of the best-priced timepieces available on the market.
Johan Dreyer - [email protected]
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