Cristiano Ronaldo invests in online marketplace for luxury watches

1689243677 Cristiano Ronaldo invests in online marketplace for luxury watches
Cristiano Ronaldo. — AFP/File
Cristiano Ronaldo. — AFP/File

Cristiano Ronaldo’s love for watches isn’t any secret, and taking his ardour a step additional, he’s shopping for a stake in Chrono24 GmbH — the biggest devoted on-line market for luxurious watches.

The soccer star’s funding will doubtless profit him in one other manner, giving him publicity to the second-hand marketplace for luxurious watches.

“As a long-term watch collector and common person of Chrono24, it’s a pleasure for me to turn out to be a shareholder within the firm now. 

Chrono24 unites thousands and thousands of watch lovers from all around the globe to share of their ardour, collectively — that international unification is one thing I do know properly and am thrilled to be part of,” Ronaldo commented in an announcement to the web site.

Whereas the corporate hasn’t disclosed how a lot the Portuguese nationwide has invested within the Germany-based firm, it shared that different shareholders embrace personal fairness companies and the Louis Vuitton chairman Bernard Arnault.

The platform, which has over 500,000 watches listed by sellers and personal sellers, held a financing spherical in 2021, valued at greater than $1 billion.

Chrono24 Co-Chief Government Officer Tim Stracke stated Ronaldo’s funding was “vital”.

“The marketplace for second-hand watches is anticipated to broaden 75% by the tip of the last decade, reaching 35 billion Swiss francs ($39.6 billion),” Bloomberg stated, citing consulting agency Deloitte.

The publication additional added that, in response to LuxeConsult, a Swiss-based evaluation and consulting agency, the pattern was so prevalent that revenues of pre-loved timepieces could find yourself overtaking gross sales of recent watches by 2033.

Ronaldo’s love for luxurious watches is hardly a secret; his numerous assortment is valued within the thousands and thousands and contains manufacturers starting from Rolex to Jacob & Co, Girard-Perregaux and Franck Muller.

Furthermore, Stracke additional stated the deal was not an endorsement or advertising and marketing settlement.

“He gave cash to us, not us giving cash to him,” he stated.

Stracke stated that whereas costs for some Rolex fashions have been stabilising, others have been nonetheless falling.