Pre-owned watch platform Chrono24 streamlines management and lays off 110 employees

In mid-January, the online watch portal informed its employees about a new organizational and management structure. In other words, this means that approximately one in four employees will lose their jobs.

However, the Karlsruhe-based company emphasizes that there is no question of an existential crisis. Quite the opposite: "In 2024, the company was clearly profitable," the official statement states.

Chrono24 says this move aims to expand its market position. It aims to specifically drive investments in long-term, sustainable growth and thus ensure Chrono24's long-term success. To this end, measures include streamlining decision-making processes, improving collaboration within the company, and sharpening the focus on strategic priorities.

Part of this reorganization also includes a reduction in staff of around 110 employees across various departments and all levels of the company's hierarchy. All affected employees will be offered comprehensive severance packages, according to Chrono24.

Following the reorganization, Chrono24 will employ around 350 people at its locations in Europe, the USA and Asia.

With this move, the portal is certainly adapting to the rapid development of the pre-owned watch market. After a peak in demand with sometimes ridiculously high prices for individual models, the market declined dramatically starting in the second quarter of 2022. Looking at price trends since then, one can observe a calming or even normalization.

This naturally had an impact on Chrono24's business, which operates with a sales commission of 6.5 percent.

The ChronoPulse watch index, among others, shows how the market for pre-owned watches has developed. It is Chrono24's analysis tool, based on actual prices achieved, and includes the 14 top-selling manufacturers in the pre-owned watch market over the past three years. The index includes the ten top-selling and most important models from each manufacturer. The respective watches are included in the calculation in proportion to their transaction volume. The index is based on the Laspeyres model, which indicates the change in price levels.

About Chrono24

With approximately 3,000 dealers and 45,000 private sellers in more than 120 countries, the platform attracts more than nine million users per month. Currently, approximately 540,000 watches are listed on Chrono24, including around 100,000 Rolex models. The total estimated value of all listed watches exceeds €6 billion.