Industronics launches pre-owned luxury watch trading platform
The platform can issue authenticity certificates with a team of watch appraisers.
Malaysia-listed Industronics has launched WatchExchange, poised to be the first luxury watch e-commerce platform that issues authenticity certificates for pre-owned luxury watches in Malaysia and the Asia Pacific, according to a press release.
Amongst some of the leading brands profiled include Audemars Piguet, Hublot, Patek Philippe, Tag Heuer, IWC, Omega, Jaeger LeCoultre, Panerai, Rolex, Breitling. The platform is being managed through Ecgo International, the company’s wholly-owned subsidiary in Hong Kong.
With a team of professional watch appraisers, Industronics aims to create a professional, safe trading environment, aiming to address consumer reservations on the authenticity of pre-owned luxury goods.
The company will also set up offices in China, Hong Kong, Japan, Singapore, Malaysia, the United States, Canada, and Europe, where sellers from all over the world could visit for physical appraisals of their watch collections.
With these, the group is looking to set up a fund in Hong Kong to raise a total of $59.52m (RM250m) from potential investors. Proceeds raised will be utilised to purchase different brands of luxury watches for resale on the Group's platform.
Industronics aims to invest around 10% of the funding, together with Hong Kong Cyberport Fund, which will invest an equivalent amount as the Group or at a 1:1 ratio. The remainder will then be open to other investment groups for investment.