Proactive Investors - Watches of Switzerland Group PLC (LON:WOSG) has acquired Hodinkee, a popular online global platform for luxury watch enthusiasts, for an undisclosed amount.
It comes as WOSG, the FTSE 250-listed Rolex retailer, seeks to fortify its online presence, particularly in the growing US market.
WOSG hopes to do this by integrating Hodinkee’s established digital content and ecommerce activities, which attracts 22 million unique visitors annually and has over one million social media followers.
Hodinkee is known for its luxury watch editorial content, limited edition collaborations and insurance services.
As part of the transaction, Hodinkee's commercial activities, including its limited edition collaborations, will be integrated with WOSG's US e-commerce site.
WOSG chief executive Brian Duffy 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."
Hodinkee founder Ben Clymer added: "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 honoured to align Hodinkee with Watches of Switzerland, and I am confident in our shared future."
WOSG said the acquisition will be funded through existing financing facilities.
WOSG shares added 2.5% on Friday morning.