05/12/2024
Group valued the brand and media business at £11 million when it acquired the company in October this year.
But the deal was structured in a way that will see Hodinkee pay for its own purchase price from future profits and made no material impact on WoSG’s H1 financial period.
The valuation, previously unreported, was revealed in a trading statement covering the first half of its financial year from the retail group this morning — a six month period to the end of October.
Today’s news is one of the final pieces in the puzzle of how different parts of Hodinkee’s business were sold over several weeks since the summer of 2024.
Boston-based secondary market specialist European Watch Company bought the Crown & Caliber second hand watch retail brand, intellectual property, its website, social media feeds and trading data for an undisclosed sum, but did not buy the business’s stock of second hand watches.
That inventory, along with some of the remaining stock of new watches from Hodinkee Shop, was bought by New York-based secondary market wholesaler Boneta Inc.
The value of the deal was described as in the “low seven figures,” by the company’s owner Erik Boneta, who refused to be more specific when speaking with WatchPro.
