The British Rolex retailer is buying LVMH and Tom Brady-backed watch site Hodinkee

The British company, which is the largest seller of Rolex watches in the country and a major retailer in the U.S., said the deal will help it gain market share, particularly online in the U.S., it said in a statement Friday. Financial details were not disclosed.

The sale marks the end of New York-based Hodinkee’s difficult foray into selling used watches online. Founded in 2008, the company produces watch content and sells watch and jewelry insurance. The company’s website attracts 22.2 million unique visitors each year and has over 1 million social media followers, the companies said in the statement.

The company raised around $40 million in 2020 from investors including retired soccer star Brady, musician John Mayer and Bernard Arnault’s LVMH Luxury Ventures.

The following year, Hodinkee ventured into watch sales, purchasing US online seller Crown & Caliber as prices for used luxury watches rose sharply. The deal increased annual revenue to over $100 million.

Online trading, however, proved to be a loss-maker. After used watch prices began to fall sharply in April 2022, Hodinkee initiated an operational restructuring and job cuts.

Hodinkee founder Benjamin Clymer, a former UBS Group AG banker, said in July that the influential site would stop selling new and used watches online and would continue to sell watch insurance and limited editions in collaboration with major brands.

Hodinkee’s online commercial retail operations, including limited edition collaborations, will be transferred to Watches of Switzerland’s U.S. e-commerce site, the companies said Friday. It will also integrate the functions of Hodinkee’s insurance agency business.