Chrono24 GmbH, the leading online reseller of luxury watches, is making a strategic move to strengthen its position in the luxury watch industry. The company has announced the appointment of Carsten Keller as its new CEO, effective January. Keller, who previously held executive positions at online retailer Zalando, brings a wealth of experience in e-commerce and digital retail to the role.
As the largest dedicated online reseller of luxury watches, Chrono24 has become a major player in the market, competing with both traditional watch retailers and other e-commerce platforms. With a valuation of over $1 billion, the company has garnered attention and investment from private equity firms, football star Cristiano Ronaldo, and the family investment vehicle of LVMH Chairman Bernard Arnault.
The luxury watch industry has faced challenges recently, with a decline in prices, especially for high-end brands like Rolex, Patek Philippe, and Audemars Piguet. After reaching record levels during the pandemic, prices have started to fall since April 2022. This price pullback has affected Chrono24’s sales growth, with a projected year-over-year sales volume increase of just 3% in 2023. Nevertheless, the company remains optimistic about growth opportunities in the US and the European Union, with anticipated sales volume growth rates of 11% and 6% respectively.
With Carsten Keller at the helm, Chrono24 aims to adapt to changing market conditions and enhance its online platform to attract a wider customer base. His expertise in connected retail and direct-to-consumer strategies will be instrumental in driving the company’s growth. Meanwhile, co-CEOs Tim Stracke and Holger Felgner will continue to contribute as shareholders and board members, ensuring continuity and support during this leadership transition.
In conclusion, Chrono24’s appointment of Carsten Keller as CEO signifies a new chapter for the company. With his strategic vision and experience, Chrono24 is well-positioned to thrive in an increasingly competitive luxury watch market. The company’s commitment to providing an exceptional online shopping experience combined with its strong investor base sets the stage for continued success.
Useful links:
– Chrono24 Website
– Zalando Website
