Cristiano Ronaldo Ventures into Luxury Watch Market with Chrono24 Investment
Renowned footballer Cristiano Ronaldo has made a strategic move by acquiring a stake in Chrono24 GmbH, the largest dedicated online marketplace for luxury watches.
Although the exact amount of Ronaldo’s investment remains undisclosed, it is worth noting that private equity firms and Louis Vuitton Chairman Bernard Arnault are among the other shareholders.
With over 500,000 watches listed by dealers and private sellers, Chrono24 conducted a financing round in 2021, valuing the company at over $1 billion.
Chrono24 Co-CEO Tim Stracke expressed the significance of Ronaldo’s investment, highlighting the projected growth of the second-hand watch market, which is expected to expand by 75% and reach 35 billion Swiss francs ($39.6 billion) by the end of the decade, according to consulting firm Deloitte.
Furthermore, LuxeConsult, a Swiss-based analysis and consulting firm, predicts that revenues from pre-loved timepieces could surpass sales of new watches by 2033.
Cristiano Ronaldo’s personal affinity for luxury watches is well-known, with his extensive collection valued in the millions and featuring renowned brands such as Rolex, Jacob & Co, Girard-Perregaux, and Franck Muller.
In clarification, Stracke emphasized that the deal is not an endorsement or marketing agreement but a genuine investment by Ronaldo in Chrono24.
While prices for some Rolex models are stabilizing, others continue to experience declines, as stated by Stracke.
