With South Africa getting closer to rolling out a digital nomad visa, it is a mix of good news for the economy but also…
Fledge Capital backs top online watch retailer Luxury Time
A premium online watch retailer in South Africa, Luxury Time, has caught the eye of Fledge Capital, a renowned independent investment company.
Celebrating its 19-year anniversary, Luxury Time, founded by entrepreneur Adriaan Rootman, has made a strong name for itself in the luxury timepiece industry, selling pre-owned authentic watches from premier brands like Rolex, Omega, and Cartier, amongst others.
Fledge Capital, known for investing in consumer brands with a unique appeal and a solid foundation, has seen in Luxury Time a perfect fit to their investment portfolio.
Rootman’s journey in the world of watches began in childhood, inspired by his father’s love for timepieces. His entrepreneurial vision was kindled during his teenage years, with an early understanding of the potential of online selling.
His lightbulb moment came after finding out the huge price discrepancy of a watch he bought from Dubai for his mother and its retail price in South Africa. From then on, Rootman began bulk buying luxury watches at discounted rates from local shops and initiated his online trading journey.
“Online credibility was always an issue,” remembers Rootman. “Nineteen years ago, nobody trusted buying high-end products online.” The slow start of Luxury Time pivoted to a consignment-based model, with Rootman successfully selling watches on behalf of his customers, gaining stock and a small commission.
By 2014, Luxury Time boasted a devoted clientele base, and with the steady growth in demand for pre-owned watches, Rootman started buying watches directly. A boutique office was set up in Pretoria where customers could view their chosen timepieces in person.
Fast-forward to today, Luxury Time employs a customer-first buying model. Prospective buyers can select watches from the online inventory, and then arrange an in-person viewing at one of Luxury Time’s offices across the country.
However, the journey to success was not without its bumps. Rootman identified the need for more working capital to expand the business. Several investors expressed interest, but it was not until his introduction to Fledge Capital that Rootman found the perfect partner.
Fledge Capital, an investment company founded by property investor Louis van der Watt and investment banker Konrad Fleischhauer, focuses on long-term potential and has built an impressive investment portfolio worth upwards of R3 billion. The company’s portfolio includes partnerships with major names such as King Price, Atterbury Property Investment, Oasis Water, and We Buy Cars, amongst others.
With the new investment from Fledge Capital, Luxury Time is poised for growth, planning to expand its inventory and enhance its online presence and customer service capabilities.
“Luxury Time is a remarkable business boasting innovation, high growth potential, and a proven business model. With its attractive markets and data-driven strategies, it is poised for sustainable, profitable growth. We are eager about our collaboration with Adriaan to unlock the full potential of Luxury Time,” say Van der Watt and Fleischhauer, echoing the confidence in their latest investment.
