4
October 2024
The Watches of Switzerland Group PLC
Acquisition of Hodinkee
Acquisition of leading global platform for luxury watch
enthusiasts to accelerate the Group's online leadership
The Watches of Switzerland Group
('WOSG' or the 'Group') is pleased to announce the acquisition of
Hodinkee, the pre-eminent global digital editorial content provider
and gateway for luxury watch enthusiasts.
One of the Group's stated Long Range
Plan objectives is to leverage existing growth opportunities by
growing sector leadership online, and this acquisition will further
enhance the Group's ability to capture market share, particularly
in the fast growing US market.
Headquartered in New York City, and
founded in 2008, Hodinkee has become the go-to, global destination
for luxury watch enthusiasts offering digital print and video
content, limited edition watch collaborations alongside watch and
jewellery insurance services. Hodinkee attracts a growing, engaged
audience of 22.2 million annual unique visitors to its website and
has over 1 million social media followers.
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. This will give the Group
access to a captive and highly engaged luxury watch
audience. 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.
Ben Clymer, Hodinkee's founder, will
return to lead the operations of Hodinkee for the first time since
he ceded his role as CEO in December 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. Hodinkee's New
York City-based headquarters will remain in its current location,
and all members of staff will transition across to the
Group.
The acquisition will be funded out
of existing financing facilities and will not materially impact our
leverage position.
Following today's acquisition, the
Watches of Switzerland Group will be comprised of the following
prestigious brands: Watches of Switzerland, Mappin & Webb,
Goldsmiths, Mayors, Betteridge, Hodinkee and Analog:Shift. The
Group also owns the exclusive distribution rights for Roberto Coin
in the USA, Canada, Central America and the Caribbean.
Brian Duffy, CEO of the Watches of Switzerland Group,
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.
"With the support of the wider
Group, we will enable Ben and his best-in-class editorial team to
keep doing what Hodinkee does best: further expanding its
passionate and loyal community by being the most authentic and
authoritative voice on the industry.
"Our strategy at WOSG is focused on
staying at the forefront of the luxury industry, aligning with
brands which inspire us and whose partnership offers a mutually
beneficial outcome. The acquisition of Hodinkee directly supports
our ecommerce business, driving traffic and brand awareness across
our markets, and particularly in the US, further enhancing our
sector leadership online."
Ben
Clymer, Founder of Hodinkee, said:
"At its core, Hodinkee was founded
on a passion for watches that has never wavered. The team at
Watches of Switzerland Group share the passion that launched
Hodinkee, and value the content that continues to reinvent how
watches are seen by the world.
"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. I am honored to
align Hodinkee with Watches of Switzerland, and I am confident in
our shared future."
About the Watches of
Switzerland Group
The Watches of Switzerland Group is
the UK's largest luxury watch retailer, operating in the UK and US
comprising seven prestigious brands; Watches of Switzerland (UK and
US), Mappin & Webb (UK), Goldsmiths (UK), Mayors (US),
Betteridge (US), Hodinkee and Analog:Shift (US) with a
complementary jewellery offering. The Group also owns the exclusive
distribution rights for Roberto Coin in the USA, Canada, Central
America and the Caribbean.
As at 3 September 2024, the Watches
of Switzerland Group had 221 showrooms across the UK, US and Europe
including 96 dedicated mono-brand boutiques in partnership with
Rolex, OMEGA, TAG Heuer, Breitling, TUDOR, Audemars Piguet, Grand
Seiko, BVLGARI and FOPE and has a leading presence in Heathrow
Airport with representation in Terminals 2, 3, 4 and 5 as well as
seven retail websites.
The Watches of Switzerland Group is
proud to be the UK's largest retailer for Rolex, OMEGA, Cartier,
TAG Heuer and Breitling watches.
www.thewosgroupplc.com
About Hodinkee
Hodinkee is dedicated to building a
better world of watches. Founded in 2008 by Benjamin Clymer as a
watch blog, Hodinkee has evolved into a multi-channel destination
for watch enthusiasts, offering print, digital, video content, and
insurance. Today, Hodinkee boasts the largest and most engaged
watch community on earth and is the most cited voice in editorial
and journalism within the world of mechanical watches and
timekeeping culture. With years of experience and expertise,
Hodinkee brings every aspect of the watch world to life through
colour-rich journalism, the meticulous engineering of limited
edition timepieces, and the celebration of horological culture. As
a true destination for everything watch-related, Hodinkee has built
a dedicated community that has brought the brand to the forefront.
Headquartered in New York City,
visit www.hodinkee.com.
