Watches of Switzerland buys US luxury watch enthusiast platform
The Rolex seller said the acquisition of Hodinkee will help it grow its audience in the US.
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Watches of Switzerland has bought a New York-based watch enthusiast platform, as the groups pledged to maintain “impartial journalism” and cover brands the retailer does not sell.
The Rolex seller said the acquisition of Hodinkee will help it grow its audience in the US.
Hodinkee was launched as a website in 2008 by watch enthusiast Ben Clymer, and now says it has an audience of more than 20 million people a year.
It also developed an online shop where it sells limited-edition luxury watches.
Mr Clymer stepped down from the business in 2020 but will return as its president following the takeover.
Watches of Switzerland, which is listed on the London Stock Exchange, said it will integrate Hodinkee’s commercial activities, including its watch collaborations, and shoppers will be directed to its own US website.
“This will give the group access to a captive and highly engaged luxury watch audience,” it said.
But it pledged to protect Hodinkee’s “impartial journalism”, with the editorial platform continuing to create content independently while Watches of Switzerland will take over the retail operations.
Mr Clymer wrote in a post on the platform: “Will we cover brands that Watches of Switzerland doesn’t sell? Absolutely.
“Will we cover interesting retailers that have nothing to do with Watches of Switzerland? Absolutely.”
But he said it will “from time to time” hold events in the retailer’s global boutiques and showrooms.
Watches of Switzerland is the UK’s biggest retailer for Rolex and Omega watches, and has 15 showrooms across the country.
Brian Duffy, chief executive of Watches of Switzerland, said: “The acquisition of Hodinkee directly supports our ecommerce business, driving traffic and brand awareness across our markets, and particularly in the US, further enhancing our sector leadership online.”
The acquisition was funded by the group’s existing finance, and it did not disclose the value of the deal.