According to a statement, Hodinkee will remain an independent media organisation headquartered in New York City under the Watches of Switzerland ‘umbrella’.
Ben Clymer, who founded the company in 2008, will return as CEO — a position he held until 2020. In an article published online, he explained what this acquisition means for the publication's future.
“We're gonna sit back from retail and let our partners at Watches of Switzerland do the selling. We’ll do the writing and the special things that only we can do,” Clymer writes.
“That means we will now have more time and energy to focus on what we believe truly makes us special – the ability to inform, educate, and entertain.
“Will we cover brands that Watches of Switzerland doesn't sell? Absolutely. Will we cover interesting retailers that have nothing to do with Watches of Switzerland? Absolutely."
Watches of Switzerland has more than 200 stores across the US and UK. The acquisition of Hodinkee will include a website, magazine, brand partnerships division, and an insurance business.
Neither company has disclosed the terms of the sale. Watches of Switzerland CEO Brian Duffy said in a statement that it was a deal that would benefit both parties long-term.
“As part of this strategy, we align ourselves with brands who inspire us, and whose partnership offers a mutually beneficial outcome,” he said.
“Hodinkee distinguishes itself in the world of horology, and while our goal is to provide Hodinkee with a home to continue to flourish, we are proud to gain valuable insights from their groundbreaking team and operation.”
This announcement comes after Watches of Switzerland acquired distribution rights for jewellery brand Roberto Coin in the US in May.
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