German software company the Platform Group (TPG) has acquired Chronext, the European pre-owned watch e-tailer that filed for voluntary administration—similar to the U.S.’s Chapter 11 bankruptcy—earlier this year.
Terms were not disclosed.
In a statement, Dusseldorf-based TPG said Chronext would shift from its traditional business-to-consumer model to a platform that works with specialist retailers.
“Chronext is one of the leading online channels for luxury watches, with an average price per order of well over 10,000 euros,” said the Platform Group CEO Dominik Benner in the statement. “And there is an excellent team of watchmakers who repair movements and carry out complete overhauls.
“The acquisition will enable us to further expand our luxury strategy and link it closely with existing channels such as [e-tailers] fashionette and Winkelstraat. Chronext will be a key anchor of our platform strategy going forward, as there are thousands of retailers active in this sector worldwide, but only one platform for retailers so far.”
Chronext’s management team will consist of current CEO Frederike Knop; managing director and chief commercial officer Philipp Weiner; and Frederic von Borries, whose title is also listed as managing director. The company is based in Cologne, Switzerland.
Chronext was founded in 2013 by then-roommates Philipp Man and Ludwig Wurlitzer. It hit 100 million euros in sales in 2020, and announced plans the following year to file for an IPO, with a valuation close to $800 million.
In preparation for the public offering, the company recruited a host of big names to its board, including former Richemont CEO Norbert Platt and former Tiffany & Co. chief brand officer Daniella Vitale.
But the IPO plans were shelved as the secondhand watch market declined, and Chronext went through a series of management and ownership changes before it filed for voluntary administration.
Top: A Chronext boutique in Munich, Germany (photo courtesy of Chronext)
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