(Bloomberg) -- Watches of Switzerland Group Plc is buying Hodinkee Inc., a US watch enthusiast site backed by LVMH and Tom Brady that racked up losses after an ill-timed foray into selling used models online.

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The British company, a top seller of Rolex watches in the country and a major retailer in the US, will capture greater market share, particularly online in the US, following the deal, Watches of Switzerland Chief Executive Officer Brian Duffy said in an interview. Financial terms were not disclosed.

The sale marks an end to New York-based Hodinkee’s troubled entry into online used watch sales. Founded in 2008, the company produces content on watches that has helped fuel an increase in consumer interest in mechanical and premium timepieces, especially in the US, which overtook China as the biggest export market for Swiss watches in 2021.

Hodinkee also sells watch and jewelry insurance and its website attracts 22.2 million annual unique visitors and has more than 1 million social media followers, the companies said Friday.

“We’ve now got the best watch editorial resource in the US market, if not the world,” Duffy said. He declined to divulge how much Watches of Switzerland is paying for Hodinkee, but said the retailer won’t assume any debt as part of the deal.

Watches of Switzerland shares rose as much as 5.4% in London trading Friday, but are still down by nearly a third this year.

Hodinkee raised about $40 million in 2020 from investors including retired football star Brady, musician John Mayer, and Bernard Arnault’s LVMH Luxury Ventures. Other investors have included The Chernin Group LLC and True Venture Management LLC.

In 2021, Hodinkee made a big move into selling used watches by purchasing US online seller Crown & Caliber during a surge in prices for used luxury watches. The deal lifted annual revenue above $100 million.

The online retail business, however, proved to be a loss-maker. After used watch prices began falling sharply in April 2022, Hodinkee moved to restructure operations and cut jobs.

Hodinkee founder Benjamin Clymer, a former UBS Group AG banker, said in July that the website would phase out online sales of new and used watches while continuing to sell watch insurance and limited editions in collaboration with major brands.