Keller, known for founding Zalando’s connected retail business and serving as Vice President of Direct to Consumer, is slated to assume the role in January. This leadership transition marks a significant development for Chrono24, valued at over $1 billion and previously considering a public share listing.
In succession to co-CEOs Tim Stracke and Holger Felgner, Keller’s appointment comes at a critical juncture, given the evolving dynamics of the luxury watch market. The industry has seen a decline in prices for renowned brands like Rolex, Patek Philippe, and Audemars Piguet since April 2022, following record highs during the pandemic.
Despite market adjustments, Chrono24 has encountered challenges in sustaining sales growth, experiencing a slowdown. Projections indicate a modest 3% year-over-year increase in sales volume for 2023, as stated by Stracke. However, the US and the European Union are anticipated to see sales volume growth of 11% and 6%, respectively.
Key shareholders in Chrono24 include private equity firms, football icon Cristiano Ronaldo, and the family investment vehicle of LVMH Chairman Bernard Arnault. This strategic leadership change underscores the company’s commitment to navigating the changing landscape of the luxury watch market.
