Hodinkee, an online watch retailer and news site backed by Bernard Arnault’s LVMH Luxury Ventures, is cutting almost 20% of its staff as prices for pre-owned timepieces slump.
Hodinkee, which also counts musician John Mayer and Superbowl winning quarterback Tom Brady as investors, acquired watch dealer Crown & Caliber in 2021 during a frenzied surge in prices for used luxury timepieces. The loss-making business has weighed on Hodinkee, which was profitable before the deal, said the people, who spoke on the condition of anonymity.
“We have restructured areas of the business that were either duplicative, redundant or inefficient,” Chief Executive Officer Jeffery Fowler said by email. Hodinkee will continue investing in its business for growth, he added. Founded in 2008 by former UBS analyst Benjamin Clymer, Hodinkee is among the most important online sources for watch information and content, particularly for the US market. The country is now the top destination for Swiss watch exports after overtaking China in 2021.Read more: Rolex Reseller Chrono24 Cuts Jobs as Pre-Owned Watch Prices Fall
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Swiss Luxury Watchmakers Face Profit Squeeze From Stronger FrancSwiss luxury watchmakers who’ve weathered the rise of smartwatches, a pandemic and the highest inflation in decades say they’re worried about a new threat: the strong franc.
Read more »
Nestle-Backed Weight-Loss Capsule Maker Jumps on Clinical TrialA tiny Israeli company backed by Nestle SA is the latest to catch the eye of investors seeking to capitalize on the surge in interest in drugs that aid weight loss.
Read more »
China's 360 to open AI model to the publicBEIJING (Reuters) - China's tech firm 360 Security Technology will open its AI model, Zhinao, to the public, China's state-backed Securities Times said ...
Read more »
Mercedes Bets on Range Boost in Swipe at Tesla’s EV LeadershipMercedes-Benz Group AG unveiled an electric vehicle with a longer range than any Tesla Inc. model on the market as the German luxury-car maker intensifies its bid to challenge Elon Musk.
Read more »
Erdogan Eyes Progess on Black Sea Grain from Putin Ahead of G-20Turkish President Recep Tayyip Erdogan will seek to persuade Vladimir Putin on Monday to revive a UN-backed deal that would allow the export of Ukrainian grain from the Black Sea and ease concerns over global food supplies.
Read more »
Erdogan Eyes Progess on Black Sea Grain from Putin Ahead of G-20(Bloomberg) -- Turkish President Recep Tayyip Erdogan will seek to persuade Vladimir Putin on Monday to revive a UN-backed deal that would allow the export of Ukrainian grain from the Black Sea and ease concerns over global food supplies. Most Read from BloombergDiamond Prices Are in Free Fall in One Key Corner of the MarketMercedes Bets on Range Boost in Swipe at Tesla’s EV LeadershipZelenskiy Says He’s Removing Ukraine Defense Chief in RevampBurning Man Death Under Probe With Thousands Still S
Read more »