Headlines

Richemont Buys Watch Retailer

Published

6 years ago

June 4, 2018

INSTORE Staff

Watchfinder focuses on pre-owned timepieces.

Richemont, the Swiss luxury goods group, has reached agreement to acquire 100 percent of the share capital of Watchfinder.co.uk Ltd., a pre-owned premium watch specialist, in a private transaction with its shareholders.

Financial terms of the deal were not disclosed.

Established in 2002 in the UK, Watchfinder is a platform to research, buy and sell premium pre-owned watches, both online and through its seven boutiques. In addition, Watchfinder operates a customer service center and has about 200 employees worldwide.

Johann Rupert, chairman of Richemont, said: “Sixteen years ago, Watchfinder’s founders foresaw the need for an online marketplace for premium pre-owned timepieces. Watch enthusiasts themselves, they established Watchfinder to provide excellence in customer experience. We believe there are substantial opportunities to help grow the Company further. Today, Watchfinder operates both as an ‘online’ and ‘offline’ business in a complementary, growing, and still relatively unstructured segment of the industry.

“Together with YOOX NET-A-PORTER and our stake in Dufry, the acquisition of Watchfinder is another step in Richemont’s strategy. It will enable us to better serve the sophisticated needs of a discerning clientele.”

The transaction is expected to close in the summer.

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