Benjamin Clymer (Hodinkee) returns to the platform now that it has been purchased by Watches of Switzerland.
This past Friday, retail giant Watches of Switzerland Group announced its acquisition of Hodinkee. Those in the watch world need no introduction to Hodinkee. It started as a platform to disseminate watch information more than a decade and a half ago. In fact, founder Benjamin Clymer, who started the site in 2008, was determined to turn his passion into a love shared by many. The site took off, and Hodinkee quickly grew. And grew. And grew.
The brand went from being an online informational platform, to a digital and video content provider, a print publication for enthusiasts, a seller of pre-owned timepieces (after its purchase of Crown & Caliber), a partner in many a specialized watch unveiling, and so much more. The brand even offers watch lovers insurance via its work with Chubb.
Hodinkee grew so quickly that investment was needed to continue to spur the growth. Clymer secured that investment, and slowly, quietly stepped back a bit from the spotlight. However, some pundits would say the site began to flounder a bit. Maybe watch readership was down, as purists believed Hodinkee’s viewpoints editorially might be clouded by the need to satisfy advertisers and, more importantly, to extoll the virtues of brands it was selling on its site.
Maybe an exodus of some of the long-standing editors and their voices hit some followers the wrong way. In my opinion the influx of some of the new generation of watch enthusiasts turned writers, though, brought new readership. Of course there is always the fact that business took a turn, as well. Let’s face it, sales of pre-owned watches have taken a hit as of late.
Still, Hodinkee remains a respected editorial platform. Hence the announcement a while back that the company would return to its “journalistic” roots and may even bring back some of its previous writers. Still, the watch rumor mill was full of speculation. The company was losing money. Were the investors willing to continue, or — as was the case — was it time to sell?
So, why did Watches of Switzerland step in? Let’s not forget that this retail giant, with 221 stores in the UK, the USA and Europe, made a brilliant move in America when it purchased the beloved Analog Shift, seller of pre-owned and vintage watches that had been co-founded by James Lamdin (who remains with company today). That move brought the retailer a new avenue of revenue in the United States. Now, the Hodinkee union brings together the retail giant and the beloved watch-focused editorial, marking a new era for both companies.
In an editorial he wrote on Hodinkee, Clymer says: “I started writing about watches on the domain www.hodinkee.com over 16 years ago. Since then, we’ve had a pretty good run. Actually, you know what, we’ve had a really, really good run. It has been a run that I never could’ve imagined, frankly, sitting in my fourth-floor walk-up on Spring Street when I first registered this domain. What began as a passion project for me to combine my four great loves: writing, photography, the Internet, and, of course, watches, is now the most widely read watch platform in the world, seeing over 20 million people per year – and at our peak, selling $100 million worth of watches in a year, and over the course of the lifespan of Hodinkee, making lots of people fall in love with these beautiful little machines for the wrist. For that, and for the community that has grown up around us, I am immensely proud.”
Clymer has every right to be proud. He built an empire. Like all empires, which sometimes go a little off the beaten path, Hodinkee might have had a “lapse” when Clymer took a backseat in 2020. But he is back now — which is exactly what the watch-loving community has wanted all along. Who says let sleeping dogs lie? No, I believe in long live the King.
If that sounds sappy, sorry. I’ve known Ben Clymer since he stepped into our watch world. Well, “stepped” is actually way too sluggish a word. I’ve known him since he powered his way onto the scene and stole hearts with his honest reviews, direct replies, incredible passion for and knowledge of watches. Don’t get me wrong. I am not a Clymer groupie, nor even a Hodinkee fangirl. I just really believe in giving credit where credit is due. He built something and is smart enough to step back in to help bring it to all-new heights — under the auspices of a Group that knows a thing or two about watches, too.
Brian Duffy, CEO of the Watches of Switzerland Group, highlighted the mutual benefit of the acquisition, stating that Hodinkee will continue to operate independently while gaining support from the Group’s retail expertise. Ben Clymer returns to lead the platform, reaffirming his vision to share watch culture with enthusiasts around the world. David Hurley, Deputy CEO of Watches of Switzerland, further underscored Clymer’s pioneering efforts and says he is enthusiastic about this collaboration as they all move forward together.
Hodinkee’s insurance service, in partnership with Chubb, was also part of the deal, further expanding the Watches of Switzerland Group’s portfolio of offerings. So, it seems, that for Hodinkee, this was a smart move. It’s always good to be under the wings of huge company, one where the purchasing price of your company was most likely a blip (albeit a large blip) on the WoS screen.
For Watches of Switzerland, relatively new in America, alignments with important companies in the USA, with important names, and with an informational platform that is respected by watch lovers and collectors, are key.I don’t see any down sides to this partnership whatsoever. Now, let’s see where it goes.
Watches of Switzerland SoHo, NY, store.
I have a hard time imagining we’ll see any honest reviews. Hodinkee is dead, and, despite being someone who started reading a over a dozen years ago, I’m fine with that.
You are not alone in your thinking. Time will tell in this case. (sorry, no pun intended)
Interesting situation and article. My thinking is simpler: it’s just about money, pure and simple.
Capital is concentrated in large manufacturers, distributors and successful retailers. The watch revolution has been filled recently with venture capitalists trying to turn a trick. They sold and the money people bought.
At the same time, Hodinkee radically changed. For undisclosed reasons most of their editorial staff has turned over (I suspect again money). They needed to do something, and big corporate chain came to the rescue.
Thanks for commenting, Michael. Yes, venture capitalism is always motivation. Agree that Hodinkee radically changed. Their plan since late 2020 didn’t work for them. I don’t think you can build an empire based on pure passion and honesty about watches, and then start selling watches on the platform — it goes from altruistic to ulterior motives. Smart readers recognized that. Conversely, though, selling watches was reaping an amazing profit for the company. But watch sales, especially of pre-owned, have waned — translating to waning profits and flailing management. Will Hodinkee still sell watches? I believe it will continue with some limited editions and partnerships, as it has in the past. But with WoS owning them, and owning Analog Shift — there are some better boundaries, I think.