The watch retailer Chronext AG has experienced an upheaval. The Zug-based company announced on Monday that a Swiss group of investors had acquired a majority stake in the company, which was founded in 2013. Chronext operates an online platform for new and used luxury watches and, according to its own statements, was able to achieve “annual sales in the three-digit million range” in 2022.
Shortly after the takeover, there was also a change in management: Philippe Roten took over the post of CEO with immediate effect. “Roten has more than 20 years of experience in the watch industry and has held numerous international leadership positions, including at LVMH and the Swatch Group,” the company said. His predecessor, the company co-founder Philipp Man, stayed with Chronext. According to his profile on the business network LinkedIn, he is now a non-executive director on the board of directors.
The new management now wants to “continue to run the watch retailer in a sustainable manner and reposition it as a brand,” according to a statement. The plan is to “develop the currently primarily digital platform into a model that represents an innovative combination of online and offline presence”.
CEO Roten justified the realignment: “We are convinced of the potential of the vintage and CPO market and would like to position ourselves very clearly as a service provider and part of the watch industry,” he explained in a statement. “Today, customers are used to the interaction of online and offline channels. This is where we will start and offer a contemporary shopping experience while maintaining Chronext’s unique level of quality and service”.