Chronoexpert
About the Company
Chronoexpert is a luxury goods marketplace, specifically focusing on pre-owned watches. Based in Bilbao, Spain, the company operates in 15 countries, providing a scalable platform to bridge the gap in the luxury watch industry. Pablo and his team believe the future lies in pre-owned luxury goods, a market growing at 20% annually and predicted to surpass the new market within a decade. With three founders and eight employees, Chronoexpert currently generates $480K in monthly revenue.
The marketplace leverages its proprietary platform, focusing on scalability and efficient logistics. Chronoexpert is entirely digital, in stark contrast to its industry competitors, which rely heavily on brick-and-mortar operations. Its target audience spans both online and offline channels, making accessibility a priority.
Chronoexpert's strategy emphasizes building trust among customers, a critical factor in the high-value luxury market. By combining innovative digital tools, seamless operations, and strong supplier relationships, the company aims to deliver superior customer experiences and consistent growth.
Idea Behind Company
Chronoexpert's concept originated with an investor who struggled to purchase luxury items online and recognized a gap in the pre-owned luxury watch market. Pablo, with a background in eCommerce and high-value transactions, joined to bring this idea to life. Together, they launched the company to provide a seamless and trustworthy platform for buying and selling luxury watches.
The team validated the idea by analyzing market potential and consumer demand. Initial metrics showed promising results, including the fast-growing pre-loved luxury market. Although the gross margins were initially low, they steadily improved over time, demonstrating the viability of the business model.
The decision to focus exclusively on pre-owned luxury watches stemmed from their strong potential for customer retention and recurring business. The founders identified the importance of creating a marketplace that combined convenience, competitive pricing, and a trusted reputation to succeed in this niche.
Creating the Company
Chronoexpert’s development began with a focus on scalability and an advanced MVP platform. The Spanish version of the website was the first to launch, followed by the expansion to 15 countries, with 13 offering full transactions. The team quickly prioritized building a supply base, reaching 1,000 products to ensure marketplace liquidity.
Legal aspects, like trademarks and incorporation, were outsourced to keep the team focused on core operations. A significant portion of their initial budget went into developing their custom platform, followed by a smaller marketing investment to test their model.
Key to the company’s early growth was achieving visibility and traffic. Chronoexpert worked relentlessly over six months to attract modest website visits, which enabled them to make their first sales. This period helped refine their operations and prove the viability of their business model.
Launching the Business
Chronoexpert’s launch relied on organic growth and efficient use of marketing resources. The team prioritized channels such as Google Ads and dynamic remarketing to drive traffic and boost sales. Social media and affiliate marketing, though largely untapped, may become part of future strategies.
Customer trust was at the forefront of their launch strategy. The team emphasized seamless experiences, integrating offline communication channels like phone and WhatsApp to support sales. By aligning marketing efforts with operational efficiency, they maximized ROI on their ad spend.
Though the platform development incurred high initial costs, Chronoexpert maintained a lean, capital-efficient operation. The founders raised funding only once, using the investment to optimize their supply chain and customer acquisition efforts.
Earnings
Chronoexpert now generates $480K in monthly revenue and aims to achieve profitability soon. Gross margins have improved significantly, thanks to strengthened relationships with suppliers. The company expects continued growth by refining its focus on organic traffic and long-term digital strategies.
The company remains digital-first but is open to experimenting with pop-up stores to expand its reach. Hiring key talent in marketing and technology is also a priority for sustaining growth and maintaining operational efficiency.
Looking ahead, Chronoexpert aims to bolster its content marketing and SEO efforts to capture a larger share of organic search traffic. With ambitious revenue goals, the company is positioned to lead the pre-owned luxury market through innovation, trust, and digital expertise.
