The Portuguese football sensation and five-time winner of the Ballon d’Or, Cristiano Ronaldo has made an undisclosed investment in Chrono24, the luxury watch resale marketplace.
Chrono24 has been valued at more than USD 1 billion in 2021, and it currently sells over 500,000 luxury watches. In verifying the Portuguese footballer’s commitment, Co-Chief Executive Officer Tim Stracke stated that he had made a significant investment, but he did not specify the amount.
Its significance can be recognised by considering that the other recognised personal stakeholder is the Louis Vuitton chairman, Bernard Arnault.
According to management consulting firm Deloitte, the worldwide market for used luxury watches would grow by 75% and could reach USD 39.6 billion. Similar to how LuxeConsult, a Swiss-based analytical and consulting organisation, predicted that pre-owned luxury watch sales may surpass those of new watches.
Like many other people, Ronaldo enjoys wearing expensive timepieces. He has Rolex, Jacob & Co., Girard-Perregaux, and Franck Muller watches.
The deal signed with Ronaldo is an investment agreement rather than a marketing one. This certainly means that the star player from Portugal did not sign an endorsement contract with the business he just invested in.