The world’s largest retailer will end free shipping for online orders under $50 Canadian starting April 2.
The e-retailer sells watches, accessories and apparel.
Swiss Watch International, which operates a number of e-retail sites that sell watches, accessories and apparel including WorldofWatches.com, eWatches.com and SmartBargains.com, has been acquired by private investment firm Clearlake Capital Group. The companies announced the deal this week but did not reveal the terms of the purchase.
Swiss Watch International, in addition to its e-retail business, also distributes watches, accessories and apparel to other online retailers. It alsosells its wares through marketplaces and flash-sales sites.
“Swiss Watch International is the clear market leader with an exceptional executive team that has an impressive track record of merchandising, distribution and online retailing capabilities,” says Behdad Eghbali, founding partner of Clearlake Capital Group.
Two e-commerce veterans, Neel Grover and Greg Giraudi, will join Swiss Watch International’s board of directors. Grover was CEO and Giraudi chief operating officer of Rakuten Buy.com. Both left that company effective Sept. 1 and are now executive operating partners at Clearlake Capital. “SWI is a strong platform, and we believe its growth and profitability can be enhanced by implementing key commercial, operational, and marketing initiatives,” Grover says.
The e-retailer’s co-founders, Izac Ben-Shmuel, Lior Ben-Shmuel and Shlomi Ben-Shmuel, say they plan to continue to build the company together with Clearlake’s support.