Subdial, the pre-owned, data-driven watch retail platform, has a new investor in the form of former Watchfinder CEO Stuart Hennell. Hennell, who left Watchfinder, following its sale to Richemont, in 2018 has purchased a substantial minority interest in the business.
Hennell is uniquely placed to advise Subdial. Unlike the likes of Chrono24, which is essentially a classified ad site for watches, Watchfinder changed the landscape of pre-ownership, bringing in traditional elements of retail such as physical premises and servicing.
Subdial has taken this model to the next level. It uses both market data and data from its network of collectors to, in Davis’s words, “derisk more models” so people can trade outside of the obvious Rolexes and Patek Philippes with confidence.
“I’m keen to help as an investor,” says Hennell. “The role will be informal but the guys [co-founders Christy Davis and Ross Crane] are trying to solve the same problems we had at Watchfinder.”
“Talking to Stuart, we realised how the pre-owned market has its own challenges, and Stuart understands this,” says Crane. “What we sell is very similar to Watches of Switzerland, however there is the acquisition side of the business and ensuring that operates without friction and extra costs, so the sale is profitable when brought to market.”
Davis thinks the pre-owned market is becoming more like the vintage sneaker one, with a flux of independent brands and collectors developing niche interests.
Subdial, with its emphasis on networks, can capitalise on this. “We know from our customer data that there are hundreds of different areas people are talking about,” says Davis. Hennell agrees. “It’s so much more sophisticated now,” he says. “That data provides insight that helps the customer.”
Hopefully it puts them in touch with that neo-vintage Blancpain Léman they’ve been lusting after.
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