Timeless watches stolen from vault

At the end of November, burglars apparently stole around 1,000 watches from a vault, probably including luxury watches that Timeless had purchased. The incident has no impact on the startup's operations.

According to information from Finance Forward Timeless is also affected by the burglary of a vault in Berlin's Fasanenstrasse, in which around 1,000 watches were stolen. According to the report, the vault also contained a number of watches in which Timeless's small investors had invested as an investment.

The concept of Timeless is simple: users can buy shares starting at 50 euros in exclusive valuables such as rare sneakers, vintage cars and luxury watches. The start-up stores the items and resells them later with a return. In the case of the stolen watches, the small investors affected are to be reimbursed their purchase price and the fees included by an insurance company. "Currently, we expect to receive a schedule through the insurance company regarding refunds within the next two weeks," a Timeless spokeswoman told Finance Forward. Customers will not receive a return on their investment, however, as the stolen watches ultimately cannot be sold.

Still, Timeless says the theft of the watches has not affected its business. On the other hand, luxury watch retailer Watchmaster, which also stored watches in the vault, had to file for bankruptcy.