Stori UG plans to enter luxury watch market with support from UAE investors
The company recently received $2,000,000 in funding from investors in the UAE
Founded in 2019, Stori UG is a German-based IT company looking to enter the German watch market. The company recently received $2,000,000 in funding from investors in the United Arab Emirates.
The growing appeal of luxury watches is obvious to many - the industry boomed during the Covid-19 pandemic and has become a dominant industry, taking in well over 40 billion euros. The market is growing every day, and it's getting bigger - a perfect opportunity for an investor to enter this industry by backing a company that is poised for growth.
Pohyal Stori, who combined his two passions, IT and watches, had the idea to build a functioning marketplace for luxury goods. He explained it as follows: "The watch hype has just started and there is no end in sight. You can afford to compete with the big competitors. We don't have to be the market leader, being second is enough."
Luxury watches have long been considered a symbol of prestige and status - the big brands like Patek Philippe and Rolex enjoy the same status today as they have for decades. Their timepieces are highly customized, made from the finest materials and carry the important brand.
With this first round of financing, the company aims to shake up a market that is already attracting positive response in eCommerce.
To accommodate modern development, the company wants to offer financing options such as installment and leasing, as well as crypto-based payment methods for watch sales to attract a modern audience and further improve the industry.
It is no secret that sales of watches and jewelry are unsteady in the German market alone. The market volume for these products is usually between four and five billion euros. The COVID-19 pandemic has increased the general desire for these products, and watches are now more popular than ever.
The support of investors from the United Arab Emirates will allow the company to continue to develop. Even though it took a long time for this investor campaign, this case also shows that a round of financing can be very useful. Finally, investors in the UAE often have a diversified investment portfolio because of the potential for high quality standards.
This is likely the beginning of a prolonged period in which the luxury watch market will flourish. The funds provided by the UAE investors will enable Stori UG to create a successful marketplace and gain a foothold in the market. How and when the project will be realized is still unknown.
The real question now will be to what extent the market can grow with the help of a new injection of funds. This could be a prime example of a situation where the UAE investment world sees a great return on its investment, but only time will tell. At the end of the day, it's just a matter of waiting and seeing.