Watches of Switzerland Expands with Acquisition of US Luxury Watch Enthusiast Platform
Watches of Switzerland has recently acquired a New York-based watch enthusiast platform, Hodinkee, in a move aimed at broadening its reach and audience in the US market. The renowned Rolex seller highlighted that the acquisition of Hodinkee will play a pivotal role in its expansion strategy, particularly in the US market.
Founded in 2008 by watch enthusiast Ben Clymer, Hodinkee has amassed an impressive audience of over 20 million individuals annually through its online platform. In addition to insightful content, Hodinkee also operates an online shop offering limited-edition luxury watches. Despite Mr. Clymer stepping down from the business in 2020, he will be reinstated as its president following the takeover.
Watches of Switzerland, a prominent player in the luxury watch retail sector and listed on the London Stock Exchange, stated its intention to incorporate Hodinkee’s commercial activities, such as watch collaborations, into its operations. While directing customers to its US website, Watches of Switzerland assured the preservation of Hodinkee’s commitment to impartial journalism.
In a message to the platform’s audience, Mr. Clymer affirmed that Hodinkee will continue to report independently, covering brands not sold by Watches of Switzerland. He expressed the platform’s dedication to showcasing interesting retailers unaffiliated with the company, while also hinting at potential collaborative events with the retailer.
As the largest retailer of Rolex and Omega watches in the UK, Watches of Switzerland boasts 15 showrooms nationwide. Brian Duffy, the company’s chief executive, emphasised that the acquisition aligns with their e-commerce strategy, reinforcing their online presence and market leadership, particularly in the US.
The acquisition of Hodinkee was financed using Watches of Switzerland’s existing resources, with the financial details of the transaction not disclosed by the company. The move underlines the retailer’s commitment to fortifying its position in the luxury watch market and leveraging digital platforms to enhance brand visibility and engagement.