Time's up for the watch platform Chronext

The Zug-based watch retailer Chronext is now in liquidation. The start-up company initially shook up the rather staid luxury watch industry.
 

Celebrated, sold – and now bankrupt. Chronext, a pioneer in the online trading of luxury watches, is history. Founded in Zug in 2013, the company made trading in ‘pre-owned’ luxury watches socially acceptable. Its business model attracted millions in investor funding in recent years, and led those in charge to dream of an IPO (initial public offering, i.e. launch on the stock market). But things have turned out differently.

Chronext made a name for itself trading pre-owned luxury watches. As reported by the Handelszeitung newspaper and confirmed by the Zug cantonal commercial register (Handelsregister), however, both the Chronext Group and Chronext itself are in liquidation. The Zug Cantonal Court (Kantonsgericht Zug) declared both companies bankrupt on 19th August  of this year. The company's media office and Chairman of the Board Johannes Suter did not respond to attempts to contact him. The only other remaining member of the board is the former head of IWC Switzerland, Linus Fuchs, who was also unavailable for comment.

Million-dollar investments and IPO plans
The company had been struggling for some time. Numerous reports from frustrated customers who had to chase after their money have recently appeared on relevant platforms. One user wrote on Trustpilot at the end of July: "I ordered a Cartier watch in November 2025 with pre-payment, but after the watch was not delivered by Christmas despite promises, I cancelled the order. A refund? Not a chance!" A lawyer wrote on LinkedIn on Wednesday: "Our clients' experiences with Chronext? Currently, consistently negative." Ordered watches are not delivered despite payment. Watches sold on consignment are not paid for.

Chronext made a name for itself trading pre-owned luxury watches.
The two Chronext founders, Philipp Man and Ludwig Wurlitzer     Photos supplied
Chronext's Zug office in May 2023            Photo: Mathias Blattmann

Chronext was founded in 2013 by Cologne native Philipp Man and his university friend Ludwig Wurlitzer as an online shop for pre-owned luxury watches. In the industry, this is referred to as "Certified Pre-Owned." The term is meant to indicate that the seller guarantees the watch's authenticity. The company later also began trading in new watches.

Shortly after its founding, Chronext entered a phase of rapid expansion, establishing international branches and securing tens of millions of Swiss francs in funding. Revenue at times reached the hundreds of millions, but ultimately, the company never turned a profit. Ambitious IPO plans were announced In 2021 – but the IPO was cancelled just two days before it was scheduled. Shortly thereafter, luxury watch prices plummeted.

Chronext's gamble – growth at the expense of profitability – had suddenly backfired, and the company was forced to lay off staff. Around the same time, something else happened that accelerated Chronext's decline: together with the Lucerne-based retailer Bucherer, the Rolex company entered the "Certified Pre-Owned" market. Other luxury watch brands, such as Cartier, subsequently announced their own plans to certify their watches. It was a declaration of war, not only on counterfeiters, but also on independent platforms such as Chronext.

Co-founder leaves the company
A Swiss investor group acquired Chronext in 2023, while CEO and co-founder Philipp Man had left the company shortly before. The plan was to "develop the currently primarily digital platform into a model that represents an innovative combination of online and offline presence." But the new ownership also failed to turn things around, and subsequent managing directors only stayed for a few months. From the end of 2024, Chronext has been owned by The Platform Group (TPG), based in Wiesbaden, Germany. According to Manager Magazin, TPG itself is also experiencing financial difficulties.

Although the company's operations were run from Cologne for many years, Zug remained its headquarters. But the Zug office has now closed.