Watchfinder's shop in Brent Cross, north London. Image credit: Limited.

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Watchfinder, which is run from Maidstone in Kent, employs around 200 people and was set up in 2002 by Stuart Hennell and Lloyd Amsdon. Customers can buy, sell and part-exchange luxury watches on its website or in one of its eight shops across the UK.

Richemont owns watch brands including Vacheron Constantin and Jaeger-LeCoultre and jewellery business Cartier.

According to Reuters, luxury goods companies such as Richemont had previously shunned the second-hand premium-watch market because of fears of the negative impact on the sale of new watches. However, many large brands have now decided to consider the second-hand market due to the success of third-party websites selling these products.

It has been reported that watch brand Audemars Piguet is launching its own second-hand business, while the LVMH-owned Hublot, Tag-Heuer and Zenith brands are also considering the second-hand, or what is known as ‘pre-owned’, watch market.