The Watches of Switzerland (WOSG) has set its sights on an expanded audience through the acquisition of Hodinkee, an editorial content provider for luxury watch enthusiasts.

The move builds on an ongoing Long Range Plan at the group, which aims to “leverage existing growth opportunities by growing sector leadership online”. This latest acquisition, for example, is based on the premise of enhancing the ability to capture market share, particularly in the US.

Once the transaction is complete, WOSG said that it intends to integrate Hodinkee’s existing commercial activities, with all retail traffic to be directed to WOSG’s US e-commerce site.

The group also plans to utilise Hodinkee’s insurance agency business, which currently partners with Chubb to offer protection for luxury watches and jewellery.

Hodinkee founder, Ben Clymer, will further return to lead the operations of the platform after he stepped down from the CEO role in late 2020. The platform’s headquarters will remain in New York.

WOSG noted that the company would continue to have “editorial independence” so as to protect its “impartial journalism”, while all members of staff are to transition across to the group.

The terms and value of the deal were not disclosed in the regulatory filing. WOSG did confirm that the acquisition would be funded out of existing financial facilities and would not materially impact its leverage position.

Speaking on the acquisition, Brian Duffy, CEO of WOSG, said: "Our strategy at WOSG is focused on staying at the forefront of the luxury industry, aligning with brands which inspire us and whose partnership offers a mutually beneficial outcome. The acquisition of Hodinkee directly supports our ecommerce business, driving traffic and brand awareness across our markets, and particularly in the US, further enhancing our sector leadership online."