Police are hunting for two watch thieves who stole Versace watches valued in excess of $50,000 from a jewellery store in the CBD.

The two men burst through the door of the Little Collins Street store at 4.30pm on 22 July.

One on the men used a hammer to smash a glass cabinet grabbing a number of expensive watches.

The second man, who was armed with a knife, stood at the door and held it open.

They were in and out in five seconds.

Investigators believe the men got into a silver 1997-2003 BMW 530i sedan or a 525i series with a sports package.

The man who smashed the cabinet was wearing an orange curly wig.

Anyone with information is urged to contact Crime Stoppers on 1800 333 000.