Watches of Switzerland Group PLC on Friday announced an acquisition, citing existing growth opportunities.
The Leicester, England-based watch retailer said it will buy Hodinkee, a pre-eminent global digital editorial content provider ‘and gateway for luxury watch enthusiasts’ for an undisclosed sum.
The New York City-based company was founded in 2008 and provides digital print and video content for people interested in luxury watches. It has about 22.2 million annual unique visitors to its website.
Notably, Hodinkee’s Founder Ben Clymer will return to lead operations for the first time since he left his role as chief executive officer in late 2020.
‘Hodinkee will continue to have editorial independence as a leading editorial media organisation. This will protect Hodinkee’s impartial journalism, ensuring the continued creation of unmatched editorial content presented through Hodinkee’s unique voice and lens,’ Watches of Switzerland said.
Watches of Switzerland said the acquisition was part of its objective to leverage existing growth opportunities by growing ‘sector leadership’ online.
Chief Executive Officer Brian Duffy said: ‘I am thrilled to have Hodinkee join the Watches of Switzerland family. 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.’
Shares in the company rose 1.8% to 464.80 pence each on Friday morning in London.
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