Business
Acquisition of Hodinkee
Acquisition of Hodinkee.
About this update from Watches Of Switzerland Group Plc
[{"type":"text","content":"\n\n \n4 October 2024\nThe Watches of Switzerland Group PLC\n \nAcquisition of Hodinkee\n \nAcquisition of leading global platform for luxury watch enthusiasts to accelerate the Group's online leadership\n \nThe 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.\n \nOne 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.\n \nHeadquartered 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.\n \nOn 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.\n \nBen 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.\n \nThe acquisition will be funded out of existing financing facilities and will not materially impact...