Bob's Watches

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Bob's Watches
TypePrivate
IndustryTimepieces
FoundedUnited States
Headquarters
Newport Beach, California
Number of locations
1
ServicesResale
Revenue$45 million, USD (2018)[1]
Number of employees
24 (2014)[2][needs update]
Websitewww.bobswatches.com

Bob's Watches is an online marketplace for the resale and trade of watches, with a focus on Rolexes. As of 2016 it was one of the largest watch reselling websites in the United States.[3]

The company was founded in the mid-1990s by Bob Thompson in North Carolina as a local seller of various watch brands and models.[4][5] Thompson retired in 2010 and sold the business to Paul Altieri for $8,000.[6] Alteiri relaunched the website, with a focus on reselling Rolex watches.[4][6] From the beginning, its website listed the price that the company would be willing to pay for each watch alongside the price the company would sell the watch for.[4] In 2014 it began offering buyers and sellers of Rolex watches the ability to post selling and buying prices, creating an exchange.[7]

From 2010 the Company had a retail storefront and main offices in a small shopping center in Huntington Beach, California.[4][8] In November 2018, the company moved to a retail storefront and headquarters in a 10,000 square foot, free standing office building in Newport Beach, California.[9] Carol Altieri is Chief Operating Officer.[4]

By 2017 grey market sales of luxury watches were "upending the global watch industry," according to Barron's; exports of new watches from Switzerland fell 10% in 2016 and there was a glut of inventory of new watches, driving prices down.[10]

See also[edit]

References[edit]

  1. ^ Corder, Rob (July 18, 2018). "The Big Interview: Bob's Watches CEO Paul Altieri Outlines the Future of the Pre-Owned Rolex Market". Watch Pro.
  2. ^ "Bob's Watches – Westminster, CA". Inc.
  3. ^ Binkley, Christina (March 15, 2016). "In a Collection of Luxury Timepieces, One Rolex Stands Out". Wall Street Journal.
  4. ^ a b c d e Hsieh, Sherry (May 21, 2018). "Bob's Watches CEO Calls Site Marketing Company". Orange County Business Journal. Altieri paid $8,000 for the business in 2010, buying it from retiring North Carolina dealer Bob Thompson and transforming it from a small local dealer .... "We list both the buy price and sell price," Altieri said. Take an 18-karat yellow gold Rolex Day-Date-Bob's prices the timepiece at $16,595, below the $17,109 regular price and the $31,350 retail price. It would pay the seller $14,000 for the model. That's no secret; the numbers are on the website.....Altieri runs the company with his wife, Chief Operating Officer Carol Altieri, and Chief Financial Officer Joe Alessandrini from a 5,000square-foot space in a Goldenwest Street shopping center. Neighbors include the Mattress Place, a Cash 4 Gold store, 405 Tropical Fish and used-clothier Plato's Closet-hardly the type of next-door neighbors one associates with a luxury watch retailer....The site offers other luxury watch brands, including Patek Philippe and Omega, but it's known for Rolexes.
  5. ^ Stults, Kyle (November 18, 2013). "Making a Market in Pre-Owned Rolex: Bob's Watches". Perpetuelle. Archived from the original on August 16, 2014. Retrieved August 27, 2014.
  6. ^ a b Adams, Susan. "Bob's Watches Brings Transparency to the Fraud-Filled Market for Used and Vintage Rolexes". Forbes. Retrieved October 7, 2016. The site offers other luxury brands--Patek Philippe, Panerai and Omega among them--but is known for its Rolexes
  7. ^ Biggs, John (March 12, 2014). "Bob's Watches Streamlines the Rolex Market with an Electronic Exchange". Tech Crunch.
  8. ^ Ferrell, David (March 21, 2013). "Good Times Return for Rolex Watches". Orange County Register.
  9. ^ "Bob's Watches Makes Timely Move to State-of-the-Art Newport Beach Headquarters". WBOC-TV. November 16, 2018.
  10. ^ Perman, Stacy (April 21, 2017). "How to Buy Luxury Watches for 40% Off". Barron's. Archived from the original on August 30, 2018. Retrieved August 30, 2018.

Further reading[edit]

External links[edit]