EraVault, luxury watch retailer, announces the launch of the brand’s first store, following an investment of over EUR 250,000 and more than EUR 1 million investment budget by the end of 2024. The store is located at 218 Calea Floreasca. As the global luxury goods market grew by 19%-21% in 2022 compared to the previous year, reaching EUR 1.38 trillion, according to the latest study by consultancy firm Bain & Co, the best-selling luxury brands in Romania are Rolex, Audemars Piguet, Vacheron Constantin, Patek Philippe, Richard Mille, and Cartier, according to EraVault.
EraVault offers sales, purchase, and consignment services for luxury watches, as well as expert advice to those passionate about this niche industry.
„The market in Romania is booming, a visible development especially after the pandemic, when prices reached record levels and investors became interested in buying watches as assets, not just as luxury accessories. Some luxury watches have seen price increases of more than 100% in recent years, so some investors have started to compare luxury watches with other passive investments that often have returns below 10%. We expect the market to continue to grow, but it won’t be a surprise to see price corrections”, says Alexandra Bran, Communication Director EraVault.
By the end of 2024, the company aims to invest more than €1 million in development.
Through EraVault, luxury watch enthusiasts can purchase exactly the model they want on an individual order basis, if the product is not in the company’s offering. All watches sold come with proof of origin and a one-year guarantee.
For a luxury brand-specific shopping experience, company representatives recommend an individual appointment at the company’s headquarters at 218 Calea Floreasca, but those who prefer the online environment can opt for direct purchases on the company’s website, www.eravault.com.
Rolex, Patek Phillipe, Audemars Piguet and Richard Mille the most sought-after luxury brands of the moment
According to industry specialists, Rolex, Patek Phillipe, Audemars Piguet and Richard Mille are currently the most sought-after luxury brands, a position confirmed by the strong price evolution of recent years and waiting lists that can reach several years. In Romania, the best-selling brands are Rolex, Audemars Piguet, Vacheron Constantin, Patek Philippe, Richard Mille and Cartier.
In terms of design trends, there are more and more watch models with vibrantly coloured dials, even for the most conservative brands, such as Rolex Oyster Perpetual with its turquoise dial or Rolex Day-Date Puzzle.
On the other hand, sporty models with integrated bracelets, such as Audemars Piguet Royal Oak, Patek Philippe Nautilus or Vacheron Constantin Overseas, remain popular.
19%-21% growth of the global luxury goods market in 2022 compared to the previous year, according to the latest report from consulting firm Bain & Co
According to the latest report by consultancy firm Bain & Co in partnership with Fondazione Altagamma, the Trade Association of Italian Luxury Goods Manufacturers, in 2022 the total retail value of the global luxury market increased by 19%-21% year-on-year to €1.38 trillion, and 8%-10% above 2019 levels.
According to the same source, sales of new watches grew by 22%-24% to a record €52 billion in 2022, reflecting solid demand for high-end models and iconic pieces, but growth was limited by low product availability. Second-hand watch sales, estimated at a further €25-30 billion, grew rapidly in 2022, fuelled by the appetite of Generation Z and Y for investment and resale opportunities, given the category’s considerable stability during crises. In terms of secondary market sales, consultancy LuxeConsult forecasts secondary market sales growth of 3% in 2023 and 10% in 2024, before averaging a compound annual growth rate of 12% from 2025 to 2033.