- Prachi Singh |
The Swiss luxury goods group Compagnie Financière Richemont SA has acquired 100 percent of the share capital of Watchfinder.co.uk limited, pre-owned premium watch specialist, in a private transaction with its shareholders. The company said, together with Yoox Net-A-Porter and its stake in Dufry, the acquisition of Watchfinder is another step in Richemont’s strategy.
Commenting on the transaction, Johann Rupert, Chairman of Richemont, said in a statement: “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.”
Established in 2002 in the United Kingdom, Watchfinder, the company added, has grown organically under the stewardship of co-founder Stuart Hennell to become the leading platform to research, buy and sell premium pre-owned watches, both online and through its seven boutiques.
Richemonth further said that the transaction is expected to close in the summer of 2018 and will have no material impact on Richemont’s consolidated net assets or operating result for the year ending March 31, 2019.