Chrono24, the world’s largest specialist watch marketplace, has shed 65 German jobs in a cost-cutting exercise triggered by a ten-month slump in activity and sales.
Bloomberg reports the Germany-based operation has trimmed its workforce by around 13 percent.
The company is far from the first global tech company to shrink its payroll in tough trading conditions.
The likes of Meta, Google, and Amazon have all consolidated after years of expansion that have proved too optimistic in the current climate.
The secondary market for watches has seen rising prices over several years for waiting list watches from Rolex, Patek Philippe, Audemars Piguet, and Richard Mille.
This price rise accelerated throughout 2021 and 2022 but ended abruptly in March last year.
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Watches continued (and continue) to be advertised at sky-high prices, but the volume of transactions slumped, and the actual prices paid, as opposed to the advertised prices, have been even lower.
Despite brief periods of optimism, such as in September last year, when the market appeared to have found a floor, prices are still falling.
The Subdial50, which tracks prices for the 50 most traded watches, is down by 33 percent over the past 12 months.