Watches of Switzerland has snapped up a New York-based media company with an editorial focus on wristwatches as the luxury watch seller aims to gain online growth.
Hodinkee, a watch website known as an influential editorial and e-commerce site for new and vintage wristwatches, has been sold to the London-listed group for an undisclosed figure.
The website and publishing firm has an engaged audience of 22.2m annual unique visitors to its website and over a million social media followers.
Watches of Switzerland said the deal came as part of its ‘long range plan objectives’ to grow its online reach and capture market share, particularly in the US.
“We have been avid followers of Hodinkee for many years and have long-respected Ben and his team’s success in creating the undisputed destination for luxury watch enthusiasts,” CEO of the Watches of Switzerland Group, Brian Duffy, said.
While, Ben Clymer, Founder of Hodinkee added: ” The Watches of Switzerland Group disrupted the watch retail world in the same way Hodinkee worked to create a new category for watch editorial coverage.”
On completion of the transaction, the group will integrate Hodinkee’s existing commercial activities, including its exclusive luxury watch limited edition collaborations, with all retail traffic directed to Watches of Switzerland’s US ecommerce site.
The vision of this deal is to give Watches of Switzerland access to a highly engaged luxury watch audience.
In addition, the group will also integrate the functions behind Hodinkee’s insurance agency business, which partners with the leading global insurance provider Chubb, offering protection for luxury watches and jewellery.
The acquisition will be funded out of existing financing facilities and will not materially impact our leverage position.