With this step, the online retailer of luxury watches wants to make its brand better known and to use the fresh money to expand into the USA and Asia.
The so-called IPO (Initial Public Offering) announced by CHRONEXT on Friday had emerged. There was speculation in the media about it months ago. CHRONEXT plans to list its shares on the SIX Swiss Exchange this year.
The Zugers have only sketched their stock exchange plans vaguely: A capital increase of CHF 250 million is planned. The new shares and possibly also those of existing shareholders are to be offered to interested investors from Germany and abroad.
Breites Know-how
With CHRONEXT, the Swiss stock exchange is getting a new addition from the tech sector related to the luxury goods industry. On the internet platform founded in 2013 by managing directors Philipp Man and Ludwig Wurlitzer, watches from a total of 49 brands are offered, including big names such as Rolex, Omega and Breitling.
The candidate for the stock exchange employs around 120 people. In addition to software experts, these are also watchmakers who check and fix the exclusive timepieces before they are offered online.
In addition, CHRONEXT has brought know-how to the board of directors: At the beginning of September, Kristiina Leppänen, a financial expert, joined the company. Former Facebook marketing director Gary Briggs and former Tiffany brand boss Daniella Vitale also sit on the committee, while former Richemont manager Norbert Platt advises the company.
With this concentrated expert force, CHRONEXT wants to get started in the growing online watch business. Last year, the company’s sales climbed above the 100 million euro mark for the first time, and management expects another 40 percent jump in sales in 2021.
The platform, which is still strongly geared towards Europe, is to gain a foothold in the USA and Asia in the future, as CHRONEXT boss Man explained in an interview with AWP. The money from the IPO will probably also be put into acquisitions there. In addition, the technology platform is to be further developed and new collection locations are to be opened.
IPO carousel turns faster
With CHRONEXT, the third IPO on the Swiss stock exchange is on the agenda this year. In the first half of the year, the Swedish pharmaceutical company Polypeptide and the aircraft supplier Montana Aerospace listed their shares on the SIX.
And more IPOs are likely to follow: In August, the medical technology company Skan announced an IPO for the fourth quarter. There are also rumors about the cell phone operator Salt, while the Zurich running shoe manufacturer On with ambassador Roger Federer has selected the New York Stock Exchange as a suitable floor and the agrochemical group Syngenta is aiming for a listing on the Shanghai Stock Exchange.
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