Richemont acquires

Swiss luxury goods group Richemont, says it has reached agreement to acquire 100% of the share capital of pre-owned premium watch specialist,, in a private transaction with its shareholders.

Established in 2002 in the United Kingdom, Watchfinder is a platform to research, buy and sell premium pre-owned watches, both online and through its seven boutiques.

Watchfinder operates both as an ‘online’ and ‘offline’ business, including a customer service centre and 200 employees globally.

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.

“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 of 2018 and will have no material impact on Richemont’s consolidated net assets or operating result for the year ending 31 March 2019.

Read: Billionare Johann Rupert’s business is buying back multi-million rand watches in a fight against the grey market

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Richemont acquires