Over 900 luxury watches valued at $13 million have vanished in Japan following the collapse of a rental service, with reports indicating that the owner has escaped to Dubai.
The high-value timepieces, including coveted Rolexes, were part of a unique arrangement with Osaka-based Toke Match, operated by Neo Reverse. Watch owners received monthly fees for lending their items to Toke Match, which then rented them out to clients.
On January 31, Neo Reverse declared the cessation of Toke Match’s operations, pledging the return of all watches to their rightful owners. Despite this promise, owners of approximately 900 watches, collectively worth 1.9 billion yen ($12.6 million), remain separated from their possessions, as reported by Asahi Shimbun and other news sources, referencing a collective of about 190 owners.
Alarmingly, some watches have surfaced on an online auction platform, leading to the owners’ submission of numerous complaints to police across Japan. Valuence Japan, the auction site’s operator, confirmed that at least 20 watches it processed bore serial numbers matching those entrusted to Toke Match.
In response, the company has halted the circulation of these watches to prevent further resale-related damages, with a spokesperson noting that half of the implicated watches appeared on the site before Toke Match ceased operations.
The Sharing Economy Association of Japan, highlighting the burgeoning “sharing economy” market now worth 2.6 trillion yen ($17 billion), reported instances of the watches being sold in second-hand stores. Following grievances from owners about unreturned watches, Neo Reverse was removed from the association’s membership on February 1.
Tokyo police obtained an arrest warrant for 42-year-old Takazumi Kominato, owner of Toke Match, for allegedly embezzling a Rolex.
