Michael Jordan Among Investors In Luxury Watch Company Expected to Reach $1 Billion Valuation
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Many people perhaps know that basketball legend Michael Jordan has six NBA championship rings. But what they might not know is that he reportedly is a savvy collector of watches.
The billionaire, Charlotte Hornets owner, and Hall of Famer is among a list of high-profile individuals to invest in WatchBox, which allows people to buy, sell, and trade luxury watches.
The online site has announced it raised $165 million in its latest financing round, World News Era reported. Others joining Jordan are Milwaukee Bucks star and reigning championship MVP Giannis Antetokounmpo, Phoenix Suns stars Chris Paul and Wall Street investor Bill Ackman, among them.
“Our investors and partners hail from a wide range of industries, from consumer to technology, finance and professional sports, yet we are all bound by our love of watches, Justin Reis, WatchBox Co-Founder and Global CEO, stated.
“When we founded WatchBox, our vision was to build a brand that would engender trust so that we could unite a passionate network of enthusiasts. With that foundation we are now able to use technology to create the best customer experience in the industry.”
Since its founding in 2017, WatchBox has reportedly pulled in $260 million. Though the firm did not disclose its latest valuation, people with insight of the business told CNBC that the company is drawing near to $1 billion. In CBNC interview on Monday, Reis said the company is on pace for $300 million in net revenue this year, and could seek an IPO in the future, per World News Era.
WatchBox’s latest fund raise will proportedly be applied to reach new markets and scale its digital platform to revitalize its inventory selection. The inventory is now reputedly valued at $150 million.
“We are reshaping the way high-value luxury is transacted online,” Reis says.
“We built our proprietary concierge platform to enable efficiency and scale as we build personal connections with collectors around the world. We have an incredible group of dedicated people at WatchBox and, as we reach major milestones such as this one, I feel especially grateful to our team who have all contributed to our growth and success to date.”
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