REG - Watches of Switzlnd. - Acquisition of Hodinkee

Watches of SwitzerlandAnnouncement

04/10/2024 07:00

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RNS Number : 9096G  Watches of Switzerland Group PLC  04 October 2024

 

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."

 Contacts
 The Watches of Switzerland Group
 Anders Romberg, CFO                                                             +44 (0) 207 317 4600
 Caroline Browne, Group Finance & Investor Relations Director                    +44 (0) 1162 817 420
 investor.relations@thewosgroup.com (mailto:investor.relations@thewosgroup.com)

 Headland
 Lucy Legh / Rob Walker / Scarlett Hateley                                       +44 (0) 20 3805 4822
 wos@headlandconsultancy.com (mailto:wos@headlandconsultancy.com)

 

 

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 (http://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 (http://www.hodinkee.com/) .

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