The market for second-hand watches is huge. Chronext is a first mover.
Luxury watch platform Chronext plans an initial public offering on Switzerland's stock exchange later this year, the company says in a statement Friday.
The company's online platform sells both new and pre-owned watches, catering to a market which consultancy firm McKinsey estimates could grow to as much as $91 billion by 2025, with the the second-hand market accounting for one third of this.
Close to Peers
Chronext, which was founded in 2013, achieved revenues of over 100 million euros ($118 million) last year. It has chosen Switzerland's bourse, where it will be listed among the likes of Swatch and Richemont.
The company which employs 120 people, intends to use proceeds from the stock listing to drive growth. Headquartered in Zug, Switzerland, it has nine further locations in Europe and one in Hong Kong.
