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Watches of Switzerland Group plc
Watches of Switzerland Group plc
10/04/2024 | Press release | Distributed by Public on 10/04/2024 00:42
The Watches of Switzerland Group acquires Hodinkee
The Watches of Switzerland Group acquires Hodinkee
The acquisition creates an alignment between two pioneering entities jointly dedicated to the betterment of the watch industry.
New York, NY - The Watches of Switzerland Group (The Group) announces the acquisition of Hodinkee, uniting the leading watch retailer and the digital trailblazer with the goal of supporting Hodinkee's continued operation as a leader in the watch community. With a history of stewarding brands, the Watches of Switzerland Group aims to utilize its leadership role in the industry to further Hodinkee's mission in sharing the most engaging, educational and entertaining watch content. In line with the Group's Long-Range Plan, this acquisition will significantly impact its leadership position by, among other things, providing unmatched insight to the world's leading watch editorial entity as well as access to one of the most developed communities in the industry.
"The Watches of Switzerland Group prides itself on its adeptness in the retail industry. From our now common practice of lifestyle-oriented showrooms, starting with the opening of our Watches of Switzerland SoHo flagship, to our expansion with the acquisitions of Analog:Shift, Betteridge, Roberto Coin and more, the Group stays at the forefront of the luxury industry," says Brian Duffy, CEO of the Watches of Switzerland Group. "As part of this strategy, we align ourselves with brands who inspire us, and whose partnership offers a mutually beneficial outcome. Hodinkee distinguishes itself in the world of horology, and while our goal is to provide Hodinkee with a home to continue to flourish, we are proud to gain valuable insights from their groundbreaking team and operation."
As part of the acquisition, Hodinkee founder, and former CEO Ben Clymer will return to his leading position for the company, for the first time since 2020. Hodinkee's New York City-based Headquarters will continue in its current location, with all staff remaining on to help realize the brand's mission of being the foremost destination for all things in the world of horology, making watches and information about them accessible to all.
"At its core, Hodinkee was founded on a passion for watches that has never wavered. Brian Duffy and David Hurley, both of whom I've known for the better part of a decade, share the passion that launched Hodinkee," says Ben Clymer, Hodinkee Founder and Chief Executive. "I've seen how they have disrupted the watch retail world at scale, and I am honored to align Hodinkee with Watches of Switzerland. I genuinely can't wait for the future."
Hodinkee will run independently as a leading editorial media organization under the Watches of Switzerland Group umbrella. In a decision based in protecting an integral component of the industry, both teams have a shared goal in growing the global watch community and continuing Hodinkee's journalism, ensuring the entire watch industry can continue its faith in Hodinkee's unique voice and lens in which they present unmatched editorial content.
"We have respected the Hodinkee team for many years and have watched Ben transform the watch industry by building one of the pioneering forces in the global world of watches," says David Hurley, Deputy CEO of the Watches of Switzerland Group. "With a shared paradigm-shifting approach, the Group is thrilled to be working hand-in-hand with Ben and his team to help realize the next phase of Hodinkee."
The Watches of Switzerland Group will also acquire functions behind Hodinkee's Insurance. In partnership with Chubb, the premier insurer of valuable collections, Hodinkee offers maximized protection for watches and jewelry. PJT Partners acted as the exclusive financial advisor to Hodinkee.
This acquisition highlights a natural synergy between the Watches of Switzerland Group and Hodinkee, providing a seamless transition into this seminal moment for the watch industry. Following today's announcement, the Watches of Switzerland Group will be comprised of the following prestigious brands: 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 USA, Canada, Central America and the Caribbean.