Online watch marketplace Chrono24 explores stock market listing -sources
12/05/2021 13:00
By Arno Schuetze
FRANKFURT, May 12 (Reuters) - Chrono24 is exploring a stock
market listing in a deal that could value the online marketplace
for luxury watches at 1-1.5 billion euros ($1.2-1.8 billion),
people close to the matter said.
Headquartered in Karlsruhe, Germany, the profitable company
is expected to hire advisers this year for a potential initial
public offering expected to take place in 2022, they said.
Timing and valuation are subject to market conditions, the
people said, adding that while a merger with a blank check
company was also a possibility, this route was seen as less
likely.
Chrono24 declined to comment.
Chrono24's platform has 500,000 listings from 3,000
commercial dealers and 20,000 private sellers of new and
pre-owned luxury watches, which are sold at an average price of
$9,000.
In 2020, watches worth 2 billion euros were sold via its
platform and its revenue figures increased by more than 50%. It
employs 360 staff.
Luxury watch brands, which had long considered the market
for second-hand watches as a potential threat to their business,
are shifting their view as they see it can provide valuable
insights into pricing and demand. urn:newsml:reuters.com:*:nL1N2M023L
Chrono24, which competes with platforms such as WatchBox and
Richemont-owned Watchfinder, could seek a listing as early as
the third quarter, but could also wait until next year to wait
for the important Christmas season to be reflected in its
figures, one of the sources said.
The company, founded in 2003, has helped the sector
consolidate in recent years by buying up smaller peers. It is
backed by investors including Insight Partners, Sprints Capital
and Mirae.
To prepare the company for a potential IPO, Chrono24
recently hired its first chief financial officer, Stephan
Kniewasser, a former Teamviewer TMV.DE manager, who helped
prepare the German remote connectivity software company go
public in 2019.
($1 = 0.8249 euros)
(Reporting by Arno Schuetze; editing by Jason Neely)
((arno.schuetze@thomsonreuters.com; +49 30220133648;))