UPDATE 1-Richemont to buy Watchfinder as pre-owned watch market heats up

UPDATE 1-Richemont to buy Watchfinder as pre-owned watch market heats up

ZURICH (Reuters) - Swiss luxury goods group Richemont SA (CFR.S) said on Friday it is to buy Watchfinder.co.uk Limited, in another sign that luxury watchmakers are trying to tap into a fast-growing market for pre-owned timepieces. British-based Watchfinder, with about 200 employees, provides a platform to research, buy and sell premium pre-owned watches, online and through seven boutiques, Richemont said in a statement. Luxury brands have long shunned the second-hand market for premium watches and other luxury goods because of fears that these businesses would impact sales of their products.But several are now looking to break into it, pressured by a sluggish primary market and because they are wary of ceding too much ground to third-parties.Compared to other luxury firms, including high-end clothing and handbag makers, watchmakers might have more to lose by not getting involved, analysts at Berenberg said in a report earlier this year They cited . Source

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