Richemont is adopting newer distribution systems in order to meet customer demands. One if its latest moves involve acquiring a UK-based used watch online retailer, Watchfinder. Watchfinder is a luxury watch market. It sells used watches online as well as in brick and mortar stores. The acquisition was made for an undisclosed amount and it follows closely on the heels of Richemont’s another acquisition, that of Yoox Net-a-Porter, an online luxury retailer in Milan.
Swiss watchmakers are increasingly focusing on second-hand markets to help customers trade in their old watches and in turn help watchmakers protect their brand image. Swiss watchmakers have been embracing newer ways to build customer relationships. For example by starting watch training institutes, creating experiential lounges where watch enthusiast could just come and relax. They are also trying to entice younger apple watch wearing generation by holding competitions in school and releasing more affordable watches with smartwatch-like features.