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New Watch Club

  • 04-06-2020 12:10pm
    #1
    Registered Users Posts: 330 ✭✭ garyskeepers


    Hey Guys.

    Myself and one of my business partners are looking at setting up a subscription based watch club.

    Its in the emryo stage of the plan at the moment but we are looking at a 'one level' membership for now. Probably €50 per month and a new watch shipped every 3 months.

    I know there have been a few clubs over the years, mainly successful in the States (Watch Gang). There are a few more 'luxury' ones floating about that seem to be doing ok. There was one I noticed a while back went out of business (Eleven James), but they were extreme luxury. We are just thinking ya know, 'nice' watches, in a mystery box so its kinda fun not knowing what watch will turn up. We would also create a facebook group or whatever for trading

    Paying out €150 in installments for a watch that would be worth up to 3 or €400 euro is highly appealing to me. What about you guys.

    Has anyone here been/is in a watch club, and as a general market research upon boards, would anyone be interested in joining one.?


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Comments

  • Closed Accounts Posts: 9,546 ✭✭✭ Juniper Orange Carpentry


    I would actively discourage people from joining a club like this. 600 euro a year for 4 random sh1tters low value watches. Each watch is only there to satisfy you need for a new thing rather than having any inherent worth, collectability or resale value, all soon forgotten. Generally the watches you get are bargain bin specials and the odd seiko is thrown in once a year and are pointed to as a show of quality. Only value is the ability to fill slots in a 20 euro Amazon 20 slot watchbox.

    For me this type of watch collecting is there to milk peoples collector and gambling mentality and leave them deeply disappointed with re-branded Aliexpress faux heritage fashion watches. The disappointment then fades cause there is another loot box coming and this might be better.

    If you can actually deliver quality watches for 150 euro each and make a profit fair play, but I would suggest most of these clubs bulk buy tat that others cannot shift. Its not watch collecting its christmas crackers.

    Hardcore view...yes, but I think this is akin to MVMT, Vincherio, Daniel Wellington and all that horror. Maybe it has a place, but for me its just a load of nonsense. Every video I see of these, the watches are really aweful. The alleged RRP trotted out is fantasy, like the invicta RRP of 800 euro but yours for 50 euro and all that nonsense.

    Sorry to piss on your chips, but I am a grumpy old fart.


  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,753 CMod ✭✭✭✭ unkel


    Perhaps a variation of this watch club idea - you just share them, don't permanently own them?

    The club can buy a few decent quality watches (new or second hand) with the initial joining fee from members, say a few hundred or even a few thousand each. These will be shared by the members in rotation and when all members have worn them for a few months, they are sold on again. With the monthly subscription (and the resale money), new watches are bought. So your monthly subscription only really has to cover depreciation (and some shipping costs)

    "Wind is Ireland's oil" - An Taoiseach, 25/05/2022



  • Closed Accounts Posts: 9,546 ✭✭✭ Juniper Orange Carpentry


    unkel wrote: »
    Perhaps a variation of this watch club idea - you just share them, don't permanently own them?

    The club can buy a few decent quality watches (new or second hand) with the initial joining fee from members, say a few hundred or even a few thousand each. These will be shared by the members in rotation and when all members have worn them for a few months, they are sold on again. With the monthly subscription (and the resale money), new watches are bought. So your monthly subscription only really has to cover depreciation (and some shipping costs)

    You would either have to have deposits to the value of the watch, or insurance that would melt you mind with cost. And if you think about it 10 people give a grand so that 10k. Buy two watches ( and it wont be pateks or BNLR's at those figures), and now 8 people have nothing to wear for their grand...it just doesn't work. Would you pay a grand to rent a watch for a month? Also they would all get stolen or damaged, and some smart arse would switch them out with replicas.....Classic car clubs work quite well because the fees are astronomical, huge deposits are taken, insurance is in place.

    There is also the whole thing of wearing a watch you dont own, its kinda cheesy.


  • Registered Users Posts: 1,491 ✭✭✭ Daemonic


    A watch just delivered every few months completely ruins the fun of watch collecting. Spotting a watch you like, researching it, convincing yourself you really do need it and then the hunt for a bargain.


  • Registered Users Posts: 6,977 ✭✭✭ micks_address


    I wouldn't mind a watch rental service where I could try a watch for say a month to see if I like it. If I wanted it then buy it


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  • Registered Users Posts: 1,181 ✭✭✭ bren2002


    I can see the attraction in your mind and maybe this isn't the place to ask. People here are serious / collectors and maybe that isn't your market. This is more in the casual interested punter.
    I tend to agree the subscription model probably doesn't work at the level you're pitching. €300 or €400 watches are not going to float my boat. I'd be interested in €3000 or €4000 watches, but that's prime silly buggers terriority.

    I think you're likley to get some interest in short term rentals of high quality watches, i'm think wedding weekends etc. This works with high end dress rentals and camera equipment rental.


  • Posts: 0 ✭✭✭ [Deleted User]


    The bottom line is, to be make money for their promoters or even to be financially feasible, these kind of things rely on selling watches at a profit.

    That means if you're taking 150 quid of people for a watch every few months, they're getting back something that cost less than that to the promoters. Even it was break even/non-profit, that's still generally a watch that's not worth collecting.

    Don't get me wrong - you can go ahead and get a decent watch for that money (but probably not from a crappy watch club), one that will do you for life, but there's no "collectable" value in acquiring 10 of them and in trying to persuade someone otherwise you'd be flogging snake oil.

    As regard a loan/rental arrangements, you'd need bullet-proof accountability especially at mid-high and onwards value but there's no reason in theory why a group of like minded friends wouldn't get into such an arrangement. I wouldn't do it with strangers though, unless the organisation carried the risk of loss/damage (presumably on insurance, which would require to be paid for).


  • Registered Users Posts: 1,181 ✭✭✭ bren2002


    To try and be positive, I might - might - be interetsed if you had high quality homage's

    https://www.steinhartwatches.de/en/

    But to be honest, I'm personally still more likely to take that year's subscription and buy one outright for myself.


  • Closed Accounts Posts: 9,546 ✭✭✭ Juniper Orange Carpentry


    bren2002 wrote: »
    I can see the attraction in your mind and maybe this isn't the place to ask. People here are serious / collectors and maybe that isn't your market. This is more in the casual interested punter.

    So he would be asking people who are not interested in watches, to spend 600 euro a year on watches. I think there is a logical disconnect there. As far as I can see there are collectors, and people who are not interested in watches or just have one watch. There is no middle ground of people that want to spend 600 euro a year, but know nothing about watches. You can pick up a fashon watch in TK max for 20 euro if thats what you are into.
    bren2002 wrote: »
    I tend to agree the subscription model probably doesn't work at the level you're pitching. €300 or €400 watches are not going to float my boat. I'd be interested in €3000 or €4000 watches, but that's prime silly buggers terriority.

    300 -400 euro watches interest me greatly, but he is not offering 300 - 400 euro watches. The value of watches is very easy to find out, and some no name micro brand with a RRP of 400 euro, that is willing to sell you 100 for 50 euro each in bulk, is actually worth 20 euro. You are not going to get Seiko SKX, Stowa, Longines, or any decent watch at a level where you can make money and give it out for 150 euro. You can put any RRP on a watch you want, especially one nobody has every heard of.

    bren2002 wrote: »
    I think you're likley to get some interest in short term rentals of high quality watches, i'm think wedding weekends etc. This works with high end dress rentals and camera equipment rental.

    There is a poser crowd that would rent a watch for a wedding, but they might as well wear a fake if they dont own it. Its cheaper buy a fake daytona than rent a real on for the day.


  • Registered Users Posts: 1,181 ✭✭✭ bren2002


    paying out €150 in installments for a watch that would be worth up to 3 or €400 euro is highly appealing to me. What about you guys.

    300 -400 euro watches interest me greatly, but he is not offering 300 - 400 euro watches.
    ^^^ That's where i got the 3/400 figure
    There is a poser crowd that would rent a watch for a wedding, but they might as well wear a fake if they dont own it. Its cheaper buy a fake daytona than rent a real on for the day.
    ^^^ true, but if there is a market for posers why not take advantage. Just becuase you or i don't agree with it doesn't mean it's not there.


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  • Closed Accounts Posts: 9,546 ✭✭✭ Juniper Orange Carpentry


    bren2002 wrote: »
    That's where i got the 3/400 figure

    I think you are missing the point. See my previous posts on that above. Invicta make terrible homage watches, realy crap. They put 1000 euro and 800 euro RRP on them, but there is always a sale with 95% off to lure in noobs. These watch clubs tell you that there is a RRP of 400 euro on the "Teddy Boshanks - heritage" they shipped you, but the reality is that its a re branded 8 euro Alibabba watch that they sold 1000 of to the watchclub for 20 euro a pop.
    bren2002 wrote: »
    ^^^ true, but if there is a market for posers why not take advantage. Just becuase you or i don't agree with it doesn't mean it's not there.

    Because they just buy fakes. Why go to the bother of renting a watch, putting a deposit down, having to return it and look after if, when you can just get a fake. If its only to appear to own a certain watch for a photograph thats what posers do, they take the path of least resistance.


  • Moderators, Society & Culture Moderators Posts: 12,191 Mod ✭✭✭✭ blue5000


    I would actively discourage people from joining a club like this. 600 euro a year for 4 random sh1tters low value watches. Each watch is only there to satisfy you need for a new thing rather than having any inherent worth, collectability or resale value, all soon forgotten. Generally the watches you get are bargain bin specials and the odd seiko is thrown in once a year and are pointed to as a show of quality. Only value is the ability to fill slots in a 20 euro Amazon 20 slot watchbox.

    For me this type of watch collecting is there to milk peoples collector and gambling mentality and leave them deeply disappointed with re-branded Aliexpress faux heritage fashion watches. The disappointment then fades cause there is another loot box coming and this might be better.

    If you can actually deliver quality watches for 150 euro each and make a profit fair play, but I would suggest most of these clubs bulk buy tat that others cannot shift. Its not watch collecting its christmas crackers.

    Hardcore view...yes, but I think this is akin to MVMT, Vincherio, Daniel Wellington and all that horror. Maybe it has a place, but for me its just a load of nonsense. Every video I see of these, the watches are really aweful. The alleged RRP trotted out is fantasy, like the invicta RRP of 800 euro but yours for 50 euro and all that nonsense.

    Sorry to piss on your chips, but I am a grumpy old fart.

    +1.

    As they say on dragon's den 'I'm out'.

    If the seat's wet, sit on yer hat, a cool head is better than a wet ar5e.



  • Registered Users Posts: 7,110 ✭✭✭ Thirdfox


    Watch buyer hat on:
    I'm one of those who likes to obsess about tiny details and pick something in the end that really speaks to me (I think Fitzgeme has a graph for the various stages of watch collectors :D) - last watch I bought was a Hamtun H2 since the meteorite looked neat and hadn't tried a Sellita movement before, before that it was a Soviet stopwatch and their version of the mikrograph (1/100th second mechanical stopwatch). Some people would find that stopwatch fascinating, many would find it useless - so it seems to me that with the venture you're proposing you, by necessity, can't offer something "edgy" since you need to try and keep everyone happy. Does that mean you'll have to offer safer/generic appeal watches? You can see how that wouldn't necessarily appeal to the "serious" watch collector who likes unique/different pieces.

    Watch brand hat on:
    I'm not sure you'll be able to offer €400 watches for €150 - you may need to have a deeper look at the figures and what discounts you can get for bulk buying (and you'll be looking at buying...10? 50 pieces? That's still not really much of a bulk buy - unless you're talking about buying 500-1000 pieces? But see the problem of needing to go with a safe option when buying for 1000 people.

    I hope no-one will ask me to reveal my costs in public :D - but put it this way, without needing to charge VAT, without setting up a company, without hiring an accountant, videographer, photographer, 0 advertising budget and paying myself nothing for around 2 years part-time work, €150 isn't close to the cost price of the Starlight (which helpfully has a Kickstarter standard price of €399) - where cost price = 0 profits but no loss. So now this means I could be getting screwed over by my partners in China on costs :D - or it could be that you can't really get a €400 "value" watch for €150 even with bulk discount purchasing. That might change if I had sold off 2000 Starlights - but you'd need to buy them all or something :D

    Or another way to think of it - at €150 you want to make €20/30 margin? so - the watch can only be €125 - the seller needs profits to live so it's really a €75 watch you're looking at - at those prices can you still offer something that usually sells for €400 or has a true value of €400? 50 watches with a margin of €50 euro only brings in €2,500 of profit to a watch brand - if they need to live on that it's not much...so more realistically you're looking at €30-50 cost price watch - how much watch can you get for €50? (Actually a lot if you get a Vostok :D)

    Hope this was helpful to you - like FitzG I also don't want to rain on anyone's idea - but perhaps some more research is needed into your target demographic and the business costs and where you see your margin coming in.


  • Registered Users Posts: 330 ✭✭ garyskeepers


    Each watch is only there to satisfy you need for a new thing rather than having any inherent worth,

    Well, yes, that was the idea. I like to change my watch every few weeks. Well, I would if I could afford it that is.
    Only value is the ability to fill slots in a 20 euro Amazon 20 slot watchbox.

    I had done a bit of research on some other companies and thought the watches were good quality. Often getting a say 375 euro watch for 99, and such.

    The alleged RRP trotted out is fantasy, like the invicta RRP of 800 euro but yours for 50 euro and all that nonsense.

    I have to admit, I AM trying desperately to come up with HOW they make money, or at least at scale, so the idea is changing in my head to REALLY low membership cost for previously owned and half decent watches for loan, and after 3 months or whatever, you can just give it back, and if you like the watch, you can order a new one at a discount.
    Sorry to piss on your chips, but I am a grumpy old fart.

    Not at all. I appreciate the comments :)


    unkel wrote: »
    Perhaps a variation of this watch club idea - you just share them, don't permanently own them?

    The club can buy a few decent quality watches (new or second hand) with the initial joining fee from members, say a few hundred or even a few thousand each. These will be shared by the members in rotation and when all members have worn them for a few months, they are sold on again. With the monthly subscription (and the resale money), new watches are bought. So your monthly subscription only really has to cover depreciation (and some shipping costs)

    EXACTLY was I was thinking today thank you.
    You would either have to have deposits to the value of the watch, or insurance that would melt you mind with cost. And if you think about it 10 people give a grand so that 10k. Buy two watches ( and it wont be pateks or BNLR's at those figures), and now 8 people have nothing to wear for their grand...it just doesn't work. Would you pay a grand to rent a watch for a month? Also they would all get stolen or damaged, and some smart arse would switch them out with replicas.....Classic car clubs work quite well because the fees are astronomical, huge deposits are taken, insurance is in place.

    There is also the whole thing of wearing a watch you dont own, its kinda cheesy.

    Jasus we are not talking about heading towards THAT luxury. I understand that kind of club would take hundreds of thousands to set up and run. Thats way out of our league. For example. I read that Eleven James had to shut up shop because their capital was pulled after being turned down for 30 million investment.

    Yeah I redid the business plan today to included a pre-ownded loaned watch with the option to buy new from a retailer at a discount. (obviously pending retailer involvement)
    I wouldn't mind a watch rental service where I could try a watch for say a month to see if I like it. If I wanted it then buy it


    Yep,, perfect.
    bren2002 wrote: »
    People here are serious / collectors and maybe that isn't your market. This is more in the casual interested punter.

    Oh, yes, of course, thank you and understood.
    bren2002 wrote: »
    I think you're likley to get some interest in short term rentals of high quality watches, i'm think wedding weekends etc. This works with high end dress rentals and camera equipment rental.

    Ahhhhhhhhhhhhh, interesting. Ill steal that idea if you don't mind? :)

    bren2002 wrote: »
    To try and be positive, I might - might - be interetsed if you had high quality homage's

    https://www.steinhartwatches.de/en/

    But to be honest, I'm personally still more likely to take that year's subscription and buy one outright for myself.

    I like that price point. hmmmmmmmmmmmmm. Maybe different tier memberships is a good idea. And I suppose. It really is each to their own and I appreciate you could just buy a watch with the yearly membership, but if you are like me (Not a collector), just a watch fan who likes change, then buying one watch per year or more, to keep forever is less appealing that the thrill of 'whats next'. I would do the same with mobile phones if I could.


    300 -400 euro watches interest me greatly, but he is not offering 300 - 400 euro watches.

    Nothing is off the table yet :)

    These watch clubs tell you that there is a RRP of 400 euro on the "Teddy Boshanks - heritage" they shipped you, but the reality is that its a re branded 8 euro Alibabba watch that they sold 1000 of to the watchclub for 20 euro a pop..

    Jesus, I would hope that's not the case?
    Thirdfox wrote: »
    Watch buyer hat on:
    I'm one of those who likes to obsess about tiny details and pick something in the end that really speaks to me (I think Fitzgeme has a graph for the various stages of watch collectors :D) - last watch I bought was a Hamtun H2 since the meteorite looked neat and hadn't tried a Sellita movement before, before that it was a Soviet stopwatch and their version of the mikrograph (1/100th second mechanical stopwatch). Some people would find that stopwatch fascinating, many would find it useless - so it seems to me that with the venture you're proposing you, by necessity, can't offer something "edgy" since you need to try and keep everyone happy. Does that mean you'll have to offer safer/generic appeal watches? You can see how that wouldn't necessarily appeal to the "serious" watch collector who likes unique/different pieces.

    Watch brand hat on:

    Hope this was helpful to you - like FitzG I also don't want to rain on anyone's idea - but perhaps some more research is needed into your target demographic and the business costs and where you see your margin coming in.

    Massively Helpful, Thank you so much. And thank you everyone for the input so far. I greatly appreciate it.


  • Closed Accounts Posts: 9,546 ✭✭✭ Juniper Orange Carpentry


    Garyskeepers....its obvious from your replies you are very new to this both the hobby and the business of it. Do not invest any of your money or time until you know what's what.

    Guys will tell you all sort until it's time to spend their money and then suddenly all that interest evaporates.

    There is a lot of naivety going on here.


  • Registered Users Posts: 330 ✭✭ garyskeepers


    Garyskeepers....its obvious from your replies you are very new to this both the hobby and the business of it. Do not invest any of your money or time until you know what's what.

    Guys will tell you all sort until it's time to spend their money and then suddenly all that interest evaporates.

    There is a lot of naivety going on here.


    Thank you,, I appreciate that. :)


  • Registered Users Posts: 330 ✭✭ garyskeepers


    So.

    If there was a membership for say €10 per month, and for that you can rent a decent pre owned watch with a retail value of say €500. you do this for 2 months then have the option to either return it, or buy a new version of that watch through the club at a discount, and or you return that watch, carry on paying membership and get a different watch, which may or may not be a "mystery" watch.

    There may be an option to just chose one of the stock online. I cant see why that wouldn't work.

    There also may be different levels for more expensive watches, as suggested by bren2002 for wedddings/important meetings/photoshoots etc.


  • Registered Users Posts: 14,619 ✭✭✭✭ banie01


    There was a thread recently in here regarding watchgang and the likes.

    The consensus in here was really that rather than pay a subscription be it tiered or otherwise for a "curated" selection of watches that are sent out with zero input.

    That one would be better off by just saving the sub fee and buying what catches your eye.
    Be it an Invicta, Steinhart, Rolex or some of the Chinese manufacturers as sometimes crop up with a real head turner.

    The whole watch rental thing, if eleven James couldn't make it work in a market that has an entire credit check and bailiff industry underpinning it's credit market?
    There honestly isn't a hope of a similar business model working here where apart from court appointed sheriff, debt enforcement and collection is lax.

    When you are defrauded, and believe me...
    You will be, it will be to expensive to actually chase the return of the watch and return of the debt.
    You need to factor in your entire stock as a potential liability over the course of the business rather than as an asset IMO.


  • Registered Users Posts: 330 ✭✭ garyskeepers


    True, although the difference is, Eleven James were working with extreme luxury like Rolex, Patek Philippe, Audemars Piguet, Breitling etc for 500 quid per month.

    We are talking 500 and 600 euro watches for 10-15 quid per month.. maybe I'm wrong :)


  • Closed Accounts Posts: 9,546 ✭✭✭ Juniper Orange Carpentry


    banie01 wrote: »
    There was a thread recently in here regarding watchgang and the likes.

    The consensus in here was really that rather than pay a subscription be it tiered or otherwise for a "curated" selection of watches that are sent out with zero input.

    That one would be better off by just saving the sub fee and buying what catches your eye.
    Be it an Invicta, Steinhart, Rolex or some of the Chinese manufacturers as sometimes crop up with a real head turner.

    The whole watch rental thing, if eleven James couldn't make it work in a market that has an entire credit check and bailiff industry underpinning it's credit market?
    There honestly isn't a hope of a similar business model working here where apart from court appointed sheriff, debt enforcement and collection is lax.

    When you are defrauded, and believe me...
    You will be, it will be to expensive to actually chase the return of the watch and return of the debt.
    You need to factor in your entire stock as a potential liability over the course of the business rather than as an asset IMO.

    100% this. Gary ,the watches guys want, cost a hell of a lot more than 500 euro. Anything at a very low level is often just purchased outright and sold on. Thats what people do. Buy a watch....wear it....sell it on. You are offering nothing new.

    As Banie01 said you will have your entire stock nicked within a couple of months.

    Stop trying to invent solutions for a market you dont understand. First understand the market. Watch youtube a lot to gauge where the watch enthusiast market is.

    Lets also run your figures

    1000 members (things are going great) paying you 10 euro a month. So each month you get in 10k. You need to have 1000 watches for 500 euro (everyone will want a watch). So half a million in watches out there. You will recoup your half a mil investment in a mere 4 years. So not a penny made in 4 years but 500k locked up in a depreciating asset you would be lucky to have 150k left at the end of the 4 years. So you have made 500k and lost 350k so a gross profit of 150k in 4 years 37k before tax a year. Now factor in insurance, marketing, shrinkage, staff, consumables, service, repolishing, etc and I say you would be lucky to make a euro.

    Your members will buy a watch the cheapest place they can, not with your retailer codes, cause if the retailer has to kick back to you in any meaningful way then its going to be more expensive than on jomashop and defo more than second hand. You are dealing with computer literate, considered customers here. Watches are generally marked up 50% on the high street, and any savvy customer can negotiate their own discount.


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  • Registered Users Posts: 1,115 ✭✭✭ redlead


    Jaysus, talk about p!ssing all over a man's dreams! Haha

    That said, everything you say is correct.


  • Registered Users Posts: 330 ✭✭ garyskeepers


    100% this. Gary the watches guys want cost a hell of a lot more than 500 euro. Anything at a very low level is often just purcahsed outright and sold on. Thats what people do. Buy a watch....wear it....sell it on. You are offering nothing new.

    As Banie01 said you will have your entire stock nicked within a couple of months.

    Stop trying to invent solutions for a market you dont understand. First understand the market. Watch youtube a lot to gague where the watch enthusiast market is.

    Lets also run your figures

    1000 members (things are going great) paying you 10 euro a month. So each month you get in 10k. You need to have 1000 watches for 500 euro (everyone will want a watch). So half a million in watches out there. You will recoup your half a mil investment in a mere 4 years. So not a penny made in 4 years but 500k locked up in a depreciating asset you would be lucky to have 150k left at the end of the 4 years. So you have made 500k and lost 350k so a gross profit of 150k in 4 years 37k before tax a year. Now factor in insurance, marketing, shrinkage, staff, consumables, service, repolishing, etc and I say you would be lucky to make a euro.

    Your members will buy a watch the cheapest place they can, not with your retailer codes, cause if the retailer has to kick back to you in any meaningful way then its going to be more expensive than on jomashop and defo more than second hand. You are dealing with computer literate, considered customers here. Watches are generally marked up 50% on the high street, and any savvy customer can negotiate their own discount.




    hmmmmmmmmmmmm, interesting.. Im gonna have to look at my figures. Taking into account that the higher end collector isn't my target market, people like ME are :)


  • Registered Users Posts: 14,619 ✭✭✭✭ banie01


    hmmmmmmmmmmmm, interesting.. Im gonna have to look at my figures. Taking into account that the higher end collector isn't my target market, people like ME are :)

    Which is why I give lower tier watches as an example.

    You say people like you are your target market?

    Let's break that out a little bit.
    People with little knowledge of watches(not knocking this by the way, I'm in this category), their quality or pedigree, looking to gain some nice wrist jewellery at not a huge outlay.
    What other info would you add to that description?

    Once the average punter finds MVMT, Wrist Gang, Daniel Wellington or similar and starts doing their own research into what those channels offer?
    How long before they start cutting out the middleman and going direct via Ali or DHGate?

    If you could expand on who you think your market is?
    We may be able to offer better advice other than just the generalized above.

    I would be very interested in seeing a high level breakout of your figures.

    The reason watchgang is still trading is because it's practically an MLM, with huge efforts to get current members to recommend.
    That's a business that relies on cheap stock, very high turnover, low margin and somehow convincing others to come on board.

    How do you propose to do that?

    Just out of curiosity, have you actually researched this other than spitballing an idea here and with some partners?

    Have you looked into any of the issues that led to Eleven James collapsing?
    Or into the reviews of watchgang and similar carried out by knowledgeable folk who aren't pat to play?


  • Closed Accounts Posts: 9,546 ✭✭✭ Juniper Orange Carpentry


    hmmmmmmmmmmmm, interesting.. Im gonna have to look at my figures. Taking into account that the higher end collector isn't my target market, people like ME are :)

    Thats like starting a car club for ordinary cars, you dont see them. You only see car clubs for high end cars because nobody want to pay a subscription every month to have a chance to drive a ordinary car they could afford themselves anyway.

    You keep on about the low end and high end collector. but the word your a missing out on here is "collector"...collectors collect. They dont rent, and at the low end renting makes even less sense.

    Since you posted this question I have done a good bit of research into Watch Gang, and by god the absolute load of crap the members get sent is appalling. They do have the scale to offer "win a rolex" which I am sure draws a lot of people in. Load of reviews online. Have a look on the pictures of your watches thread on this forum and look at the watches that guys have and are proud to display, there is a wide range, but these days even your most basic Seiko dive watch would have a highstreet RRP of over 500 euro.


  • Registered Users Posts: 2,200 ✭✭✭ scwazrh


    You would either have to have deposits to the value of the watch, or insurance that would melt you mind with cost. And if you think about it 10 people give a grand so that 10k. Buy two watches ( and it wont be pateks or BNLR's at those figures), and now 8 people have nothing to wear for their grand...it just doesn't work. Would you pay a grand to rent a watch for a month? Also they would all get stolen or damaged, and some smart arse would switch them out with replicas.....Classic car clubs work quite well because the fees are astronomical, huge deposits are taken, insurance is in place.

    There is also the whole thing of wearing a watch you dont own, its kinda cheesy.

    A business has just launched in Australia doing just this .Monthly fee and get a different watch every 3 months


  • Closed Accounts Posts: 9,546 ✭✭✭ Juniper Orange Carpentry


    scwazrh wrote: »
    A business has just launched in Australia doing just this .Monthly fee and get a different watch every 3 months

    https://helvetia.com.au

    It wont last, they charge 1200 a year to rent watches with a 2000 AUD value. and 3600 aud a year rent watches worth about 7-6000 aud. You would want rocks in your head to join that, better taking out a loan and buying the watch. You can start a business doing anything you want, the trick is to make money at it. Mind you you would at least with good watches you would be protecting your initial investment, if you buy sh1tters you will just loose your shirt.

    And you have to put down a deposit making it all doubly stupid.

    Any they rent a bremont....nuf said.


  • Registered Users Posts: 2,200 ✭✭✭ scwazrh


    If they can get the customers the business will work but I would be surprised if there is enough customers willing to join


  • Registered Users Posts: 7,464 ✭✭✭ 893bet


    I think the rental model has more chance than the purchase model. At least with the rental model you can get a decent watch.

    With the mystery box model the only way the business can make money is to supply ****ters with fictitious RRP’s. You watch box would be over flowing with crap before Christmas.

    Can’t see that Auzzie platinum collection ever getting going.....would need to be 1k a month.....if you can afford that on a rental then I suspect you can drop the 20k on the PP/VC/AP at will.


  • Registered Users Posts: 7,464 ✭✭✭ 893bet


    scwazrh wrote: »
    If they can get the customers the business will work but I would be surprised if there is enough customers willing to join

    Start up cost, as FG mentioned would be eye watering.....the depreciation of stock shocking. As well as service and polishing costs frightening!


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  • Registered Users Posts: 2,200 ✭✭✭ scwazrh


    As Fitz pointed out though the only people who would want to rent a watch are the poser crowds and they would most likely buy a fake instead of paying a monthly subscription.does appear doomed from the beginning as a business


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