Business News: Online Watch Marketplace Chrono24 Taps Bike Sector Executive As New Chief Financial Officer
Chrono24, the top dedicated online watch marketplace, named a new Chief Financial Officer, as the company looks to shore up its business footing amid a downturn in used watch prices. The Karlsruhe, Germany-based tech company said Timm Armbrust will join as CFO and Chief Operations Officer beginning August 1st. The 45-year-old will also become a member of the company`s management board and oversee legal and compliance departments in addition to finance and operations, Chrono24 said in a statement.
Timm Armbrust.
The appointment marks the first major executive change by Chrono24`s Chief Executive Officer, Carsten Keller, a former Zalando executive who took over the top role at the company in January 2024. Armbrust will report to Keller. Armbrust previously worked at fellow German online retailer Bike24, a vendor of bikes, equipment, and parts that went public via an IPO in 2021. He was the Bike24 CFO for nine years.
“The strategic development of our operations and a stable financial foundation are essential levers for our transformation and long-term growth,” Keller, who wore a vintage Omega Ploprof at Watches and Wonders this year, said in a statement.
Armbrust will replace an interim CFO who joined the company in 2024 and a COO who left the firm in January, a company spokesperson said. With listings of more than 500,000 watches at any one time, Chrono24 is the biggest dedicated timepiece selling platform in the world. The tech company has previously said it was considering an IPO, but those plans have been put on hold amid turbulence in the financial markets and a downturn in used prices for luxury watches. It raised $118 million in a financing round in 2021 and has previously been said to be valued at more than $1 billion.
Shareholders in the company include chairman and founder Tim Stracke and a host of private equity firms. Chrono24 has also attracted celebrity investors, including soccer legend Cristiano Ronaldo and Formula 1 driver Charles Leclerc. Changes to Chrono24`s listing fee structure last year caused some watch dealers to protest an increase in costs. While the company has met with dealers to discuss the matter, the listing fee changes remain in place.
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