The document summarizes Watchfinder, a UK-based pre-owned luxury watch marketplace. It discusses Watchfinder's business model which involves buying pre-owned watches from the public, adding value through authentication and refurbishment, and selling to customers. Key aspects of the model have allowed Watchfinder to become highly profitable with over £450M in total sales and 200 employees. The document also discusses Watchfinder's brand equity and opportunities for international expansion.

1. 1
THE PRE-OWNED WATCH SPECIALIST

2. Three Conferences, One Mission: Empower the European Digital Ecosystem
To provide a physical marketplace
that facilitates funding of
digital European companies
at all stages
Mission Mission Mission
Connecting
Capital with
Entrepreneurs
Connecting European
Champions
and Challengers
Connecting Israel’s Startups
with Large Corporates
and Investors
30-31 October 2018
Old Billingsgate, London
6-7 June 2018
Tempodrom, Berlin
13-14 March 2018
Haoman 17, Tel Aviv
To promote Israel - European
relationships and enable funding
To bring together future-shaping
executives and investors active
across segments driven
by digital revolution

3. 1
OUR PRODUCT IS OUR
BEST MARKETING
HOW DO YOU BUILD A PROFITABLE BRAND IN
THE LUXURY WATCH MARKETPLACE UTILISING THE
DISRUPTIVE CAPABILITIES OF THE INTERNET?
• HERE TO TALK ABOUT WATCHFINDER.CO.UK
• COMPLETELY REDEFINED THE MARKETPLACE FOR LUXURY
PRE-OWNED WATCH SALES HERE IN THE UK
UP NEXT: INTRODUCTION – WHAT WE HAVE BUILT
INTRODUCTION

4. 2
WHAT WE HAVE BUILT
HEADLINE FIGURES (SALES)
• TOTAL WATCHES SOLD: £450M ALL B-C, WE DO NOT SELL TO THE TRADE
• TOTAL CUSTOMERS: 150K
• CURRENT TURNOVER: £120+/YEAR (95% SALES TO UK)
• AVERAGE BASKET SIZE: > £5K
• STOCK TURN: 55 DAYS
• RECORD DAY OF SALES: 123 UNITS @ £750K IN TOTAL SALES (3/10/17)
• WE SELL A WATCH EVERY 20 MINS
• 400,000 PERMISSION MARKETING DATABASE
• 35% REPEAT BUSINESS
• 1.3M SESSIONS PER MONTH ON THE WEBSITE
UP NEXT: INTRODUCTION – WHAT WE HAVE BUILT (CONT.)
INTRODUCTION

5. 3
WHAT WE HAVE BUILTCONT.
HEADLINE FIGURES (SCALE)
• WE EMPLOY OVER 200 STAFF
• EUROPE’S LARGEST INDEPENDENT SERVICE CENTRE
• 7 STORES ACROSS UK (SOON TO BE 10)
• UNRIVALLED BRAND EQUITY
• FULLY AUTOMATED QUOTING ENGINE
• FULLY BESPOKE IT PLATFORM
• MULTI-BRAND WATCH CATALOGUE
(INCORPORATING VARIATIONS OVER TIME)
• FULLY REFERENCED IMAGE CATALOGUE WITH OVER 500,000 LIVE IMAGES
UP NEXT: INTRODUCTION – LEARNING BY DOING
INTRODUCTION

6. 4
LEARNING BY DOING
WATCHFINDER WAS A BOOTSTRAPPED, ORGANICALLY
GROWN START-UP
• NO INVESTORS, NO FUNDING, NO SAFETY NET
• CONSTANTLY MODIFYING AND REFINING
THE PROPOSITION
• EVERYTHING WE DO IS A FUNCTION OF WHAT WE
HAVE LEARNED
• WE DON’T AUTOMATICALLY ADOPT PRESCRIBED SOLUTION
• PROFITABLE EVERY QUARTER SINCE INCEPTION
UP NEXT: THE WATCHFINDER BUSINESS MODEL
INTRODUCTION

7. 5
THE WATCHFINDER
BUSINESS MODEL
TO BE TRULY DISRUPTIVE, YOU CAN’T HAVE ANY PARTS OF
YOUR BUSINESS MODEL RELIANT ON THE STATUS QUO
• WE BUY THE INVENTORY FROM MEMBERS OF THE PUBLIC IN THE UK
• WE ADD VALUE TO THE INVENTORY
• WE SELL OUR STOCK TO CUSTOMERS (NOT TRADE) HERE IN THE UK, VIA
OUR OMNI-CHANNEL APPROACH
• WE HAVE DONE THIS OVER 150,000 TIMES
THE FIRST AND MOST IMPORTANT PART OF OUR MODEL IS
OUR INVENTORY
UP NEXT: THE WATCHFINDER BUSINESS MODEL – BUY
THE WF BUSINESS MODEL
PART
EXCHANGE
X£450M
IN SALES
X150,000
UNITS
4. REPEAT
SALES
1.BUY
2. ADD
VALUE
3. SELL

8. 6 UP NEXT: THE WATCHFINDER BUSINESS MODEL – BUY (CONT.)
THE WF BUSINESS MODEL
1.BUY
AVOIDING THE ‘TRADE’ IS A MUST
• CREATE A SUPPLY CHAIN
• KNOW EXACTLY WHAT MODELS TO BUY
• KNOW WHAT TO PAY FOR EACH INDIVIDUAL ITEM
• DEVELOP AN INVENTORY PROFILE ACROSS BRAND, PRICE POINT &
DESIRABILITY
• DEVELOP GRADING SYSTEMS BASED ON SALES PERFORMANCE CRITERIA
• DEVELOP DUPLICATE MANAGEMENT PROCESSES
• ADDRESS: AUTHENTICITY, WORKING ORDER & PROVENANCE
• BE ACUTELY AWARE OF MARKET FLUCTUATIONS
• BE TRUSTWORTHY
AND YOU NEED TO AUTOMATE THE ENTIRE PROCESS

9. 7 UP NEXT: THE WATCHFINDER BUSINESS MODEL – ADD VALUE
THE WF BUSINESS MODEL
THE BUYING PROCESS
CUSTOMER COMPLETES
FORM ONLINE
DATABASE ISSUES
A QUOTE
WE INSPECT
THE WATCH
ISSUE A
FINAL PRICE
ISSUE BANK
TRANSFER
ISSUE INSTRUCTION TO
PROCEED WITH REPAIR
WE RECEIVE THE WATCH
(IN-STORE OR VIA POST)
1.BUY
CONT.
IN SUMMARY
• WE PROCESS OVER 300 UNIQUE ENQUIRIES PER DAY
THROUGH THE .CO.UK WEBSITE
• WE BUY 98% OF THE WATCHES THAT GET SENT TO US
• THE RIGHT STOCK CAN INCREASE IN VALUE OVER TIME
• IF YOU BUY THE BEST STOCK, YOUR COMPETITORS CAN’T
SECURE ACCESS TO IT
IF YOU BUY THE RIGHT WATCHES AT THE RIGHT
PRICES THE CUSTOMERS WILL COME TO YOU
THIS PROCESS PROTECTS US FROM UNFORESEEN DIRECT
COSTS OF REPAIR AND PROTECTS OUR MARGINS.

10. 8 UP NEXT: THE WATCHFINDER BUSINESS MODEL – ADD VALUE (CONT.)
THE WF BUSINESS MODEL
TRUST IN THE PRODUCT
• AUTHENTICITY
• WORKING ORDER
• CONDITION FOR SALE
HOW DO YOU ADDRESS THESE ISSUES?
2. ADD
VALUE

11. 9
2. ADD
VALUE
CONT.
ANSWER: A DEDICATED SERVICE CENTRE. WE
HAVE ONE AND IT IS THE BIGGEST INDEPENDENT
SERVICE CENTRE IN EUROPE.
• MORE THAN 60 DEDICATED STAFF
• INSPECTED AND ACCREDITED BY CARTIER, IWC, PANERAI,
AUDEMARS PIGUET, OMEGA, LONGINES, RADO
• PROCESS MORE THAN 2400 WATCHES EVERY MONTH
• ON OUR BUSIEST DAY WE COMPLETED 179 WATCHES
UP NEXT: THE WATCHFINDER BUSINESS MODEL – ADD VALUE (CONT.)
THE WF BUSINESS MODEL

12. 10
2. ADD
VALUE
CONT.
TRUST IN THE COMPANY
• THE BRAND BIBLE
• ONLINE MAGAZINE & RICH CONTENT
• TRUST PILOT (10K REVIEWS, 5 STARS)
• NATIONWIDE BOUTIQUES
• TV ADVERTISING (CREATIVE PRODUCED IN HOUSE)
• SPORTS SPONSORSHIP
• AWARDS
UP NEXT: THE WATCHFINDER BUSINESS MODEL – ADD VALUE (CONT.)
THE WF BUSINESS MODEL

13. 11
2. ADD
VALUE
CONT.
TRUST JOURNEY
UP NEXT: THE WATCHFINDER BUSINESS MODEL – SELL
THE WF BUSINESS MODEL
£11,500,000
£13,000,000
£16,000,000
£25,000,000
£61,000,000
£86,000,000
£125,000,000
2011 2012 2013 2014 2015 20172016 2018
£38,500,000
TRUSTPILOT
REVIEWS
OFFLINE
RETAIL
THE ROYAL
EXCHANGE
OFFLINE
RETAIL -
BLUEWATER
THE SUNDAY
TIMES FAST
TRACK ONES
TO WATCH
THE SUNDAY
TIMES FAST
TRACK 100
THE SUNDAY
TIMES FAST
TRACK 100
THE SUNDAY
TIMES BDO
PROFIT TRACK
100
OFFLINE RETAIL
- LEEDS AND
BURLINGTON
ARCADE
OFFLINE RETAIL
BRENT CROSS
TOUR DE
FRANCE
SPONSORSHIP
OFFLINE
RETAIL -
CANARY WHARF
CLASSIC
CAR SHOW
SPONSORSHIP
SERVICE CENTRE
ACCREDITATIONS
TV ADVERTISING
THE WATCH
MAGAZINE
BRAND BIBLE
INCREASED
STOCK
INCREASED
STOCK
FROM 2,000
TO OVER
3,250

14. 12
OUR STOCK IS SO DESIRABLE IT SELLS ITSELF!
• MARKETING SPEND IN FINANCIAL YEAR 16/17 WAS LESS
THAN 1.5% OF TURNOVER
• STOCK TURN IS 55 DAYS!
• WE NEVER SELL A WATCH AT A LOSS
• WE HAVE SOLD OVER 37000 WATCHES IN LAST 2 YEARS
• WE ONLY HAVE 18 WATCHES IN STOCK THAT WE HAVE
OWNED FOR MORE THAN 2 YEARS
PART EXCHANGES ARE A CRUCIAL ELEMENT OF
THE ‘SELL’ COMPONENT
WHEN YOU GET THIS MODEL RIGHT THE
RESULTS ARE IMPRESSIVE...
UP NEXT: THE FINANCIALS – PROFIT AND LOSS
THE WF BUSINESS MODEL
3. SELL

15. 13
PROFIT & LOSS
SINCE 2013
ONCE YOU POST NUMBERS LIKE THIS YOU
HAVE BUILT A BRAND...
UP NEXT: THE BRAND – BRAND EQUITY
THE FINANCIALS
PROFIT & LOSS
ACCOUNT (£’000)
2013 2014 2015 2016 2017 2018P
TURNOVER 16,166 25,135 38,662 60,777 86,683 124,474
COST OF SALES (13,473) (21,098) (32,256) (50,667) (71,933) (101,206)
GROSS PROFIT 2,693 4,037 6,406 10,110 14,750 23,268
MARGIN % 16.7% 16.1% 16.6% 16.6% 17.0% 18.7%
ADMIN EXPENSES (2,107) (2,931) (4,471) (6,770) (8,888) (14,478)
OPERATING PROFIT 586 1,106 1,935 3,340 5,862 8,790
MARGIN % 3.6% 4.4% 5.0% 5.5% 6.8% 7.1%
INTEREST INCOME 0 0 0 0 0 0
INTEREST CHARGE (78) (108) (157) (274) (265) (274)
PROFIT BEFORE TAX 508 998 1,778 3,066 5,597 8,516
TAXES (122) (236) (390) (614) (1,063) (1,722)
PROFIT AFTER TAX 386 762 1,388 2,452 4,534 6,794
MARGIN % 2.4% 3.0% 3.6% 4.0% 5.2% 5.5%
EBITDA 631 1,172 2,042 3,528 6,140 8,790

16. 14
BRAND EQUITY
WHAT WE HAVE ACHIEVED HERE IN THE UK
UP NEXT: THE BRAND – BRAND EQUITY (CONT.)
THE BRAND

17. 15
BRAND EQUITY CONT.
THESE NUMBERS SPEAK FOR THEMSELVES.
UP NEXT: THE BRAND – BRAND EQUITY (CONT.)
THE BRAND

18. 16
BRAND EQUITY CONT.
THESE NUMBERS SPEAK FOR THEMSELVES.
• THIS APPROACH IS BY FAR THE MOST DIFFICULT TO EXE-
CUTE BUT IT’S THE BEST SOLUTION TO THE PROBLEM
• WE HAVE CREATED A PROFITABLE ON-LINE RETAIL BRAND
WITHIN THE LUXURY WATCH SECTOR, AND WE BELIEVE
WERE THE FIRST TO DO IT
UP NEXT: THE OPPORTUNITY - INTERNATIONAL EXPANSION
THE BRAND

19. 17
INTERNATIONAL
EXPANSION
TAKING WATCHFINDER GLOBAL
• £120M IN THE UK = A HUGE INTERNATIONAL OPPORTUNITY
• LEVERAGING OFF OUR BESPOKE UK PLATFORMS
BUT HOW WILL THE MANUFACTURERS DECIDE TO
DEAL WITH THE PRE-OWNED SPACE?
UP NEXT: THE OPPORTUNITY – THE BRANDS & THE PRE-OWNED SPACE
THE OPPORTUNITY

20. 18
THE MANUFACTURERS &
THE PRE-OWNED SPACE
MUCH AS EXISTS IN THE CAR MARKET, WATCHFINDER
CAN PROVIDE COMPLEMENTARY SERVICES TO THE
PRIMARY MARKETPLACE:
• UNDERWRITE PART-EXCHANGES / BUY BACKS TO DRIVE NEW SALES
• EXECUTE UNWANTED STOCK INTO THE PRE-OWNED SPACE
• SET THE STANDARDS OF CONDITION & WARRANTY FOR ALL
PRE-OWNED WATCH SALES TO UPHOLD BRAND INTEGRITY
• INTRODUCE CONSUMERS TO BRANDS AT A YOUNGER AGE / LOWER
PRICE POINT
THANK YOU
THE OPPORTUNITY

21. Selected Completed NOAH Transactions
Focus on Leading European Internet companies
Covering over 400 companies across 25 online
verticals, a broad range of over 500 investors as
well as 100+ online-focused corporates
Deep understanding of industry dynamics
Ability to add value beyond banking advice
Facilitates overall process and minimizes
management distraction
NOAH Advisors is globally well connected
and has direct access to virtually all key
players in the industry
Knowledge of and strong relationships with
potential buyers’ key decision makers
Proactively finds and unlocks attractive
investment opportunities for leading investors
Annual NOAH Conference in its 8th year
Over 40 years of combined relevant M&A experience
Routine execution of M&A and financing transactions
with sizes of several billion euros
30 successfully completed NOAH Advisors transactions
underline successful transfer of M&A competencies to
the Internet sector
Entrepreneurial mind-set, focused on growing the
business and establishing a reputation for excellence
Ability to deliver top results in short time frames
Highly success-based compensation structures align
interests of clients and NOAH Advisors, and demonstrate
conviction to deliver top results
Creative deal solutions
December 2014
September 2014
October 2014
May 2014
Sale of 100% of
for $800m to
Exclusive Financial Advisor to
Fotolia and the Selling Shareholders
Sale of 100% of
for €80m to
Exclusive Financial Advisor to
Trovit and its Shareholders
Sale of controlling stake in
to
Exclusive Financial Advisor to
Facile.it and its Shareholders
sold 100% of
for $228m to a joint venture between
Exclusive Financial Advisor to Yad2
and its Shareholders
Unique Industry Know-How
Unmatched Network and Relationships
Strong Investment Banking Competence
Full Commitment - We Are Entrepreneurs!
EUROPE’S LEADING INTERNET
CORPORATE FINANCE BOUTIQUE
September 2016October 2016
December 2016
Financial Advisor to Oakley Capital
®
Marco Rodzynek
Managing Director & Founder
marco.rodzynek@noah-advisors.com
Jan Brandes
Managing Director
jan.brandes@noah-advisors.com
Justus Lumpe
Managing Director
justus.lumpe@noah-advisors.com
The NOAH Advisors Core Banking Team
Nikhil Parmar
Director
nikhil.parmar@noah-advisors.com
Acquisition of a Majority Stake in
by
from
at a valuation of €300m
Investment in
Exclusive Financial Advisor to KäuferPortal
and its Shareholders
by
84% Ownership
Financial Advisor to Silver Lake
Investment in
by
August 2017
Financial Advisor to EMK Capital
Acquisition of a Majority Stake in
by
at a valuation of $200m