Hodinkee, an online watch retailer and news site backed by Bernard Arnault’s LVMH Luxury Ventures, is cutting almost 20 percent 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.
“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.
Source: News Formal (newsformal.com)
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