DM London has agreed to sell online designer watch retailer The Watch Hut to Aurum Group to focus on its specialist concession business.
Brian Duffy, chief executive officer of Aurum Group, said: “We are pleased to acquire The Watch Hut. We believe this is a perfect addition to Aurum’s growing portfolio of outstanding retail brands and further expands and confirms our commitment to the online retail sector in the UK.
Aurum is the UK’s largest luxury watch and jewellery retailers with Watches of Switzerland, Mappin & Webb, Goldsmiths and Boutique Goldsmiths in its portfolio of businesses. Last year Aurum added Reading-based e-tailer Watch Shop to the group.
DM London operates luxury retailer The Watch Gallery with three stores as well as within Selfridges in London and Manchester and an ecommerce website. The company owns Rolex boutiques at One Hyde Park in Knightsbridge and within Selfridges London. It also operates Selfridges The Wonder Room watch business as a concession.
David Coleridge, chairman of DM London, commented: “We see this as a natural evolution for The Watch Hut designer watch website and enables DM London to concentrate on our specialist designer concession business.”
DM London acquired both The Watch Gallery and The Watch Hut in 2012.