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Richemont to acquire pre-owned watch retailer Watchfinder

Compagnie Financière Richemont SA said June 1 that it entered into an agreement to acquire 100% of the share capital of U.K.-based Watchfinder.co.uk Ltd., an online retailer of pre-owned watches, in a private transaction with its shareholders.

Watchfinder operates online and through its seven boutiques and employs about 200 employees globally.

"We believe there are substantial opportunities to help grow the company further," Richemont Chairman Johann Rupert said in the release. "Together with YOOX Net-A-Porter and our stake in Dufry, the acquisition of Watchfinder is another step in Richemont’s strategy. It will enable us to better serve the sophisticated needs of a discerning clientele."

The transaction is expected to close in the summer of 2018. Financial terms were not disclosed, but the Swiss luxury goods maker said the deal will have no material impact on its consolidated net assets or operating result for the year ending March 31, 2019.

Richemont in May also acquired 94.99% of YOOX Net-A-Porter Group SpA.