Watches of Switzerland , the publicly-listed watches and jewelry retail group, said the acquisition will help it capture market share, particularly in the U.S., and is part of a wider strategy of expanding its “sector leadership” online.
The terms of the deal were not disclosed. The group said the acquisition will be funded out of existing financing facilities, and will not materially impact its leverage position.
Brian Duffy , chief executive officer of Watches of Switzerland, said the group wants to align itself with brands “whose partnership offers a mutually beneficial outcome.”
He added the acquisition of Hodinkee directly supports Watches of Switzerland’s ecommerce business, “driving traffic and brand awareness across our markets, and particularly in the U.S., further enhancing our sector leadership online.”
Watches of Switzerland’s multibrand showroom at One Vanderbilt in New York.
Duffy said the group had been following Hodinkee for many years, and described it as “the undisputed destination” for luxury watch enthusiasts.
Going forward, Duffy said Watches of Switzerland will enable Hodinkee’s founder Ben Clymer “and his best-in-class editorial team to keep doing what Hodinkee does best: further expanding its community by being the most authentic and authoritative voice on the industry.”
Hodinkee was founded in 2008 and is based in New York. It caters to luxury watch enthusiasts and offers digital print and video content; limited-edition watch collaborations, and watch and jewelry insurance services.
It has an audience of 22.2 million annual unique visitors to its website and more than one million social media followers, according to Watches of Switzerland.
On completion of the transaction, the group plans to integrate Hodinkee’s existing commercial activities, including its exclusive luxury watch limited-edition collaborations.
All retail traffic will be directed to Watches of Switzerland’s U.S. ecommerce site, giving the group access “to a captive and highly engaged luxury watch audience.”
Watches of Switzerland will also integrate the functions behind Hodinkee’s insurance agency business, which partners with Chubb to offer protection for luxury watches and jewelry.
Ben Clymer , Hodinkee’s founder, will return to lead the operations of Hodinkee for the first time since he ceded his CEO role in December 2020.
Hodinkee’s New York City-based headquarters will remain in its current location. Watches of Switzerland said that Hodinkee “will continue to have editorial independence as a leading editorial media organization.”
The Watches of Switzerland Group is now comprised of Watches of Switzerland, Mappin & Webb, Goldsmiths, Mayors, Betteridge, Analog:Shift and Hodinkee.
The group also owns the exclusive distribution rights for Roberto Coin in the U.S., Canada, Central America and the Caribbean.
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