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The Passionate Few

The Netflix Of Watches: How A CEO Sold $16 Million In 16 Months & Turned Down $50 Million!

The Passionate Few

OMAR ELATTAR

Education, Entrepreneurship, Self-improvement, Business

4.9602 Ratings

🗓️ 27 June 2023

⏱️ 48 minutes

🧾️ Download transcript

Summary

Enjoy this interview with the CEO & Founder of WatchGang, Matthew Gallagher! In today's interview, Omar picks Matt's mind about how he started "The Netflix of Watches" and grew the "largest online watch community on the internet." Matt shares how he did over $10 million in sales in the first 12 months, how he sourced his first products, turned down a $50,000,000 offer to buy his company and so much more! ENJOY & SUBSCRIBE FOR MORE!

Transcript

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0:00.0

Watch Gang essentially is a platform for people to learn about watches. We work with hundreds of brands from all over the world. Core business is that you pay a monthly fee. Every time you pay, you get a watch and you keep it. So if you sign on for a year and you get billed 12 times, you get 12 watches. The whole goal for us with a new customer show you that you shouldn't wear the same watch

0:21.6

at the beach that you'd wear to a wedding, that you'd wear hiking. There are all sorts of

0:25.2

these watches meant for these things. In our first year, we did $10 million. The first 16 months,

0:30.5

we did $16 million. I got crazy offers for my company. You know, we're talking like $50 million

0:35.7

offers. And I'm like, nah, we're going to get past that. Now, how did you find that supplier for the watches and how did you know that people would go for it? Yeah, I maxed myself out to do that. You know, I knew that if I spent more money, I would get more sales and like I had something interesting here. In our first year, we did $10 million. Any insight as you go back that you can kind of pinpoint as to maybe why it worked?

0:38.3

I got some of the take care. In our first year, we did $10 million. Any insight as you go back that you can kind of

0:55.0

pinpoint as to maybe why it worked? I got some immediate feedback, which was game-changing

1:01.4

for the company. And it was... Matt, thank you so much for being on the show today.

1:12.6

Hey, thank you, Omar.

1:13.6

Thanks for having me.

1:15.0

Absolutely, man.

1:16.1

So let's get into this.

1:17.5

You know, for people who may not know what watch gang is, what is the company?

1:21.4

Give the audience a little bit of context.

1:22.7

And then we'll kind of get into your story because this business model is absolutely fascinating.

1:28.8

That you've been able to do this with the largest watch community on the internet. Thank you. Yeah, I mean, so watch gang essentially is a

1:35.0

platform for people to learn about watches. I would say the vast majority of our customers have only ever had

1:42.3

one watch or none. A lot of times we provide the very first watch to a customer, or maybe they had something they bought at Target for a job interview or something.

1:52.0

And really, there's a lot of education missing in the industry for young people.

1:58.0

And people just not exposed to the watch industry I guess so we are first sort of an

2:03.0

educational platform and then we are a curation platform so we work with hundreds of brands from

2:09.1

all over the world and we find interesting pieces and we develop pieces with brands and we bring

...

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