Business News: Roundup: De Bethune CEO Departing, Chrono24 Rebrands
In mid-week watch business news, there’s a significant change in the corner office at independent brand De Bethune, while the biggest online dedicated marketplace for pre-owned watches is sporting a different look and message under its new CEO.
Pierre Jacques is stepping aside as Chief Executive Officer of Swiss brand De Bethune, a role he first assumed in 2011, the company announced on LinkedIn on Wednesday. Jacques will become Honorary President as the brand, co-founded by master watchmaker Denis Flageollet in 2002, undergoes “a seamless transition,” the company said.
Pierre Jacques (left), Denis Flageollet (center), and Justin Reis (right), executive chairman of De Bethune. (Photo courtesy of De Bethune).
Under Jacques’ leadership, De Bethune won critical praise for Flageollet’s innovative and creative timepieces but often struggled to find financial stability. Jacques led the company through various ownership structures until U.S. retailer and online watch-selling platform Watchbox, now called The 1916 Company, bought a majority stake in De Bethune in 2021. Other investors in the Swiss brand, which makes a few hundred watches per year, include Bremont majority owner and activist investor, Bill Ackman, who owns about 5%, Ackman said in an interview earlier this year.
The 1916 Company’s Justin Reis remains executive chairman of De Bethune, and Flageollet remains the creative and technical head of the brand. Before joining De Bethune, Jacques was the head of the Grand Prix d’Horlogerie de Genève. His exit from the CEO role ”is effective this summer” and Jacques will now focus on ”new personal and professional ventures,” the company said.
Meanwhile, in other watch business news, Chrono24, the biggest online dedicated watch marketplace, is rebranding with a new logo, new branding campaign, and a new tagline, ‘Time is Our Thing.’
Source: Chrono24
The marketing refresh is the latest change under CEO Carsten Keller, who took over the top job at the Karlsruhe, Germany-based company in January 2024. The fresh logo and messaging initiatives aim to introduce Chrono24 to new customers, particularly in the fast-growing U.S. market, Keller said in a statement.
Source: Chrono24
Chrono24 had previously been considering an initial public offering but pulled back from those plans amid a downturn in secondary market watch prices following an unprecedented boom during the post-lockdown pandemic era. The company named a new Chief Financial Officer in April, tapping a former executive at German online retailer Bike24 that went public through a share listing in 2021.
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