Lorenzo Ruzza’s secret: “So I earn 40 million a year with watches” Thousands of people attended the “Ruzza watch day” in Milan, Dossier met the watchmaker and phenomenon who could even reach 40 million euros in turnover in 2024. “second wrist” market

The secondary market for luxury watches (Rolexes, Patek Philippe, Cartier) is no longer what it was a few years ago. But there are those in Milan who fail to realize this and who cannot sail well even in headwinds. He is Lorenzo Ruzza, arguably Italy’s most famous luxury watch dealer. Or rather, dealer, because that is his job. He has no commercial relationship with watchmakers, but he is involved in the so-called “second hand” market, which is worth 20 billion euros worldwide in 2021, according to estimates by the consulting firm Deloitte.

Ruzza achieved a turnover of around 30 million euros in 2023. It was another golden year for him, considering that his company’s revenues stood at 23 million in 2022 and reached 18 million in 2021. As the market cools, its values ​​​​are warming.

“I will show you the balances in my accounting management system”

Lorenzo Ruzza, entrepreneur

Last year was also excellent in terms of net profit; it tripled compared to 2022, reaching 2.9 million euros. “2023 was an extraordinary year, I made a margin of 10-11 percent, I paid 1 million 200 thousand euros in taxes,” he says proudly. And according to calculations, turnover could even reach 40 million euros in 2024. “I’ll show you the balances of my accounting management system,” he says, pointing to his laptop when we meet him in his office.

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Source: Today IT