Now we know a little more about why HODINKEE felt the need to raise $40 million last year. It needed a war chest to go on raids for prize assets like pre-owned luxury watch specialist Crown & Caliber.
Crown & Caliber is the second significant acquisition of a pre-owned operator in the past year after the Watches of Switzerland Group bought Analog Shift in September, 2020.
HODINKEE has not disclosed the value of the deal, but Crown & Caliber is among a respected top tier of trading companies that includes Watchbox and Bob’s Watches in the United States along with Richemont-owned Watchfinder and CHRONEXT, which are headquartered in Europe.
“With smart pricing tools, quick payment services, and a tremendous level of trust from their customers, Crown & Caliber are real experts in the pre-owned watch world,” says HODINKEE CEO Toby Bateman.
“We are proud to welcome them into the HODINKEE business and are excited about expanding our own trade-in service and pre-owned watch sales.”
Hamilton Powell, Crown & Caliber founder and CEO, says customers will get an even better experience from being part of HODINKEE as it will allow the business to expand and innovate. “You’ll continue to receive the excellent level of customer service you’ve come to expect from us. Over time, we are excited to update you on ways we are focused on making the watch world better by investing in products and enhancing the customer experience to inspire today’s watch enthusiasts – from novice to seasoned collector,” he says.
“As we looked at the future of our industry, HODINKEE and Crown & Caliber agreed we would benefit from each other’s strengths to build a one-of-a-kind online destination for all watch enthusiasts,” he adds.
HODINKEE has dabbled in pre-owned but currently has only six watches for sale on its ecommerce store while Crown & Calibre has 1,344, more than half of which are Rolex, Omega and Breitling pieces.
Merging the operations will give HODINKEE the ability to take trade-ins as part exchange for new watches.
“The addition of Crown & Caliber is intended to serve the watch community by combining the expertise of the two companies to create the foremost online marketplace for those looking to purchase, trade, or sell their pre-owned luxury timepieces,” HODINKEE says.