Editing Arbitrage (section)

=== Gray market ===
[[Grey market]] arbitrage involves buying items through marketing channels that sell them without the permission of the product [[trademark|trademark owner]] and sells them in the legitimate market.<ref name=":0" />

A Swiss watch sold by an approved dealer for £42,600 is an excellent example of a grey market product; customers can buy the identical watch for £27,227 on the Chrono24 website, which is an unlicensed 'grey market.'<ref>Autrey, R.L., Bova, F. and Soberman, D.A. (2015), “When gray is good: gray markets and marketcreating investments”, Production and Operations Management, Vol. 24 No. 4, pp. 547-559</ref>