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Tuesday, May 21, 2024

Jordan, Giannis Invest In WatchBox At $1B Valuation

Michael Madrid-USA TODAY Sports/Design: Alex Brooks

Michael Jordan and Giannis Antetokounmpo are adding to their investment portfolios by investing in luxury watch marketplace WatchBox. The investment puts the startup at a reported valuation near $1 billion.

WatchBox allows users to buy, sell, and trade luxury watches. Similar to other resellers like StockX, WatchBox authenticates the products — but differs in that it has client advisors to manage users’ watch portfolios.

The $165 million round, which adds to the $260 million raised since its inception in 2017, also includes investments from Milwaukee Bucks co-owner Marc Lasry and Phoenix Suns players Chris Paul and Devin Booker.

Athlete interest in watch brands is trending.

  • Earlier rounds for WatchBox included former NFL stars Larry Fitzgerald and Michael Strahan. CEO Justin Reis says many of the athletes are customers, so the relationships are authentic.
  • Tom Brady took part in a $40 million round in December 2020 for watch company Hodinkee.

Pre-owned watch sales are estimated to reach $32 billion by 2025, according to estimates from consulting firm McKinsey. WatchBox has an inventory currently valued at around $150 million.

Reis told CNBC on Monday that WatchBox is on pace to hit $300 million in 2021 net revenue and has surpassed $1 billion in revenue since it was founded in 2017.

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