They cited the greater average markdowns on the price of timepieces compared to other items in the second-hand market, giving watchmakers an incentive to take more control over this business.Switzerland's Audemars Piguet upped the ante on rivals earlier this year, saying it would launch its own second-hand business, starting with its outlets in its home market. Luxury brands have long shunned the second-hand market for premium watches and other luxury goods because of fears that these businesses would impact sales of their products.But several are now looking to break into it, pressured by a sluggish primary market and because they are wary of ceding too much ground to third-parties.Compared to other luxury firms, including high-end clothing and handbag makers, watchmakers might have more to lose by not getting involved, analysts at Berenberg said in a report earlier this year. ZURICH (Reuters) - Swiss luxury goods group Richemont SA CFR.S said on Friday it is to buy .uk Limited, in another sign that luxury watchmakers are trying to tap into a fast-growing market for pre-owned timepieces.īritish-based Watchfinder, with about 200 employees, provides a platform to research, buy and sell premium pre-owned watches, online and through seven boutiques, Richemont said in a statement.
FILE PHOTO: The model Crash by Cartier is pictured at the "Salon International de la Haute Horlogerie" (SIHH) watch fair, organised by the Richemont group, in Geneva, Switzerland, January 15, 2018.