Chronext Joins Platform Group's Portfolio with Luxury Watch Acquisition
Deal News | Dec 10, 2024 | Aim Group
The Platform Group (TPG), a marketplace operator headquartered in Düsseldorf, Germany, has announced its agreement to acquire Chronext, an online retailer specializing in certified pre-owned luxury watches. The acquisition is expected to be completed by the end of this month. Chronext, founded in 2013 and based in Cologne, offers brands such as Rolex, Patek Philippe, and Cartier through a hybrid online and boutique model, backed by a rigorous authentication process. TPG plans to transition Chronext to a reseller-based service, aiming to connect certified watch resellers globally as part of its luxury expansion strategy. TPG, operating in 23 sectors with over 850 employees worldwide, reported a pro forma revenue increase of 2% in 2023, with an EBITDA margin of 10.8%. This acquisition follows TPG's earlier acquisitions of Germany-based Fashionette and Netherlands-based Winkelstraat, as it continues to reinforce its position in the luxury goods online retail sector.
Sectors
- Luxury Goods
- E-commerce
- Retail
Geography
- Germany – Both The Platform Group and Chronext are based in Germany, making it the primary geographic focus of the article.
Industry
- Luxury Goods – The article involves the acquisition of Chronext, a company dealing in luxury watches, which falls under the luxury goods industry.
- E-commerce – Both Chronext and The Platform Group operate online retail platforms, which categorizes them under the e-commerce industry.
- Retail – The Platform Group connects traditional retailers with digital commerce opportunities, emphasizing their role in the retail industry.
Financials
- 441 million Euro ($466 million U.S.) – Pro forma revenue reported by The Platform Group for 2023, reflecting a 2% year-on-year increase.
- 10.8% – EBITDA margin for The Platform Group reported in 2023.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| The Platform Group (TPG) | Bidding Company | Company | A German-based marketplace operator acquiring Chronext to expand its luxury goods division. |
| Chronext | Target Company | Company | An online retailer specializing in pre-owned luxury watches, set to be acquired by The Platform Group. |
| Dr. Dominik Benner | CEO of TPG | Person | CEO of The Platform Group, leading the acquisition strategy. |