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Watches of Switzerland Group Plc, the U.K.’s top Rolex dealer, has acquired Hodinkee, a U.S.-based watch enthusiast site backed by LVMH and Tom Brady. The deal aims to strengthen Watches of Switzerland’s online retail and expand its presence in the luxury watch market.
Hodinkee Secured $40 Million in Funding but Faced Losses After Foray into Used Watch Sales
Hodinkee Inc., a US watch enthusiast site funded by LVMH and Tom Brady, is being acquired by Watches of Switzerland Group Plc. The site experienced losses following an ill-advised foray into the online sale of used models.
According to a statement released on October 4 (via Fortune), the British company, the premier seller of Rolex watches in the country and a significant retailer in the United States stated that the agreement would assist in acquiring market share, particularly in the online sector. The financial parameters were not disclosed.
The transaction concludes Hodinkee's tumultuous foray into selling used watches online. The company is headquartered in New York. Established in 2008, it offers insurance coverage for jewelry and watches and generates content regarding timepieces. The company stated that the website has over 1 million social media followers and attracts 22.2 million unique visitors annually.
The company secured approximately $40 million in 2020 from various investors, including Bernard Arnault's LVMH Luxury Ventures, musician John Mayer, and retired football player Brady.
The following year, Hodinkee transitioned into the watch business by acquiring Crown & Caliber, a US-based online vendor, amid an increase in the price of used luxury watches. The agreement increased annual revenue to more than $100 million.
Nevertheless, the online retail operation was a financial loss. In April 2022, Hodinkee implementedmeasures to streamline operations and reduce employment following a steep decline in used watch prices.
Hodinkee Shifts Focus to Watch Insurance and Limited Editions After Discontinuing Online Sales
In July, Benjamin Clymer, the founder of Hodinkee and a former financier at UBS Group AG, announced that the influential website would discontinue selling new and used watches online. However, the website will continue to offer watch insurance and limited editions in partnership with major brands.
The companies announced on October 4 that Hodinkee's limited edition collaborations and online retail and commercial activities will be directed to Watches of Switzerland's US e-commerce site. The site will also incorporate the functions underpinning Hodinkee's insurance agency business.
