Watch publication Hodinkee has been acquired by the Watches of Switzerland Group, the company’s founder Benjamin Clymer announced in a post to the website Friday morning.
Founded in 2008 as a “passion project” for Clymer to combine his “four great loves” of writing, photography, the internet and watches, the company grew over the years to become one of the utmost authorities on watch collecting, building a multi-faceted business including editorial content, ecommerce and events.
According to Clymer, who stepped down as CEO in 2020 but returned to the position Friday morning, Hodinkee is the most widely-read watch platform on the planet, with over 20 million readers and $100 million in watch sales per year during its peak.
In 2020, the company raised $40 million from investors, including Tom Brady, John Mayer, LVMH Luxury Ventures and The Chernin Group. At the time, the company was valued at $100 million.
The terms of the acquisition have not been disclosed, however, Clymer noted that “Hodinkee is in my hands and a company that is dedicated to the furthering of nothing but the global culture of watches,” dismissing notions that the company’s coverage would be limited by the new ownership of the multinational watch retailer.
In 2017, Hodinkee became one of the world’s first authorized online dealers, according to the New York Times, with their offerings extending to over 40 brands including Omega and Breitling.
Hodinkee acquired luxury watch retailer Crown & Caliber in 2021 for $46 million as the pandemic boom set the market for watches on fire, though changing tides and diminished demand in recent years plagued the company’s retail business. Hodinkee sold the brand recently, according to the New York Times. The details of the deal remain undisclosed.
The company faced criticism in recent years following the pandemic and market correction in the watch sector, with the Wall Street Journal writing earlier this year that the accusations of mismanagement spelled turmoil for the brand.
Watches of Switzerland, which was founded in 1924, is the top seller of Rolexes in the U.K. and, since its entry into the U.S. market in 2017, has become a significant player domestically.
David Hurley, Deputy CEO of Watches of Switzerland Group, told the New York Times that discussions between the global retail behemoth and Hodinkee began in December 2023 and described the new acquisition as “a perfect marriage,” citing the ability to fuse Hodinkee’s storytelling with Watches of Switzerland’s retail business.
Clymer said the sale would allow Hodinkee to focus on the ”special things that only [they] can do,” freeing up time and energy to focus on informing, educating and entertaining their audience. Watches of Switzerland CEO Brian Duffy told Bloomberg, “We’ve now got the best watch editorial resource in the US market, if not the world,” also declining to disclose the terms of the deal but noting the retailer, a publicly-traded company on the London Stock Exchange which saw its share price tick up slightly on the news, would not be taking on any debt as part of the acquisition.
Clymer emphasized Watches of Switzerland’s worldwide footprint as an exciting opportunity for Hodinkee, writing Friday morning that “becoming a part of the Watches of Switzerland Group will allow us to be the best version of Hodinkee possible.”
“To be able to do Hodinkee events all around the globe and have a home wherever we go has long been a dream of ours.”
Will Stern is a reporter and editor for cllct.