Tay Liam Wee is part of the global luxury-watch elite. His father, Tay Boo Jiang, led Singapore&rsquo;s Sincere Watch to retail prominence. It was sold to Hong Kong rival Peace Mark in 2007 at a market high, and after the global financial crisis dragged the buyer into bankruptcy, the younger Tay fetched his family business back for not even a quarter of what he&rsquo;d sold it for. A few years later, he flipped the firm again at twice the purchase price. For a bit, that got him a spot on our Southeast Asia Rich List.So how does the 59-year-old build on that legacy? In used watches, with new-concept global retailer WatchBox, which sells only &ldquo;pre-owned&rdquo; timepieces. He&rsquo;s invested with U.S. industry veteran Danny Govberg and another cofounder, Justin Reis, together raising $100 million more from Singapore private equity firm CMIA Capital Partners to fuel a global expansion.The Swiss-centered luxury watch industry has always shunned used products for fear of cannibalizing new watch sales&mdash;aside from the auction of rare vintage collectibles, which helps reinforce the notion that pricey watches are a good investment. To be sure, used watches have had a market, but mostly of late through big Web emporia like eBay and Amazon. A handful of smaller sites dedicated&nbsp;to resale mostly focus on the U.S. market.In a Hong Kong interview, Tay&mdash;sporting a classic Rolex Presidential with a gold bracelet, deep blue face and diamond index&mdash; says the secondary inventory is too large for auction houses to handle. &ldquo;The watch division in terms of sale is $300 million,&rdquo; he notes. That&rsquo;s a fraction of the pre-owned market, which by Swiss advisory firm Kepler Cheuvreux&rsquo;s estimates is $5 billion a year.WatchBox is pushing ahead in Asia, now the world&rsquo;s most important watch market, with a physical showroom in Hong Kong&rsquo;s Central district. The &ldquo;collector&rsquo;s lounge&rdquo; is stacked with art relating to the concept of time, curated by Cindy Chau, Tay&rsquo;s well-connected spouse. The space is also part office, part meeting ground for watch aficionados.The Web portal differs from consignment sites Chrono24 and Chronext in that it takes physical possession of all watches and restores them. WatchBox provides a warranty for authenticity. Refurbished watches, averaging $10,000 a piece, are then resold through the network at a 15% to 20% spread, says Tay, who serves as Watchbox&rsquo;s chairman. He forecasts 2018 sales at $200 million.<img src="http://magarticles.magzter.com/articles/6636/300947/5b9635dbc3361/1536570731285.jpg"" owidth=287 oheight=445" style="height:445px; width:287px" />Some analysts estimate that the pre-owned market in premium watches could eclipse new sales in five years, but WatchBox will hardly have that to itself. Driven by an industry-wide slowdown in sales, watchmakers have swallowed some of their doubts. Boutique Swiss maker MB&amp;F launched secondhand sales online at roughly a 25% discount. Blue-chip Swiss brand Audemars Piguet is setting up a similar distribution channel. Luxury goods group Richemont acquired Watchfinder, a platform to buy and sell used watches both online and offline.WatchBox is taking the fight well beyond Asia. In fact, this summer it opened an office to lead its European expansion&mdash;in Switzerland.

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is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

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{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.