Chronext, the European pre-owned luxury watch e-tailer, has been acquired by The Platform Group (TPG), a German software company, following its voluntary administration earlier this year—a process comparable to Chapter 11 bankruptcy in the U.S.
A Strategic Shift in Business Model
TPG plans to transition Chronext from a business-to-consumer model to a platform that collaborates with specialist retailers. The company’s CEO, Dominik Benner, emphasized Chronext’s potential in the luxury market:
“Chronext is one of the leading online channels for luxury watches, with an average order value exceeding 10,000 euros. This acquisition strengthens our luxury strategy and integrates seamlessly with our existing platforms like fashionette and Winkelstraat.”
Benner highlighted that Chronext’s network of watchmakers and their expertise in movement repairs and complete overhauls will play a pivotal role in its transformation.
Chronext’s Leadership and Legacy
The company’s management team includes:
- Frederike Knop (current CEO).
- Philipp Weiner (Managing Director and Chief Commercial Officer).
- Frederic von Borries (Managing Director).
Chronext operates out of Cologne, Switzerland, and was originally founded in 2013 by Philipp Man and Ludwig Wurlitzer. The platform hit significant milestones, including €100 million in sales in 2020, and had ambitious plans for an IPO the following year with a projected valuation of $800 million.
A Rollercoaster Journey
Despite a promising trajectory, Chronext shelved its IPO plans as the secondhand watch market declined. This period saw a series of leadership and ownership changes, ultimately leading to its voluntary administration.
Chronext’s acquisition by TPG marks a fresh start, positioning the company to thrive in a competitive market with a refined strategy and a focus on collaboration with retailers.