Swiss luxury goods group Richemont SA said on Friday it is to buy Watchfinder.co.uk Limited, extending its reach into the second-hand watch market seen by some in the industry as a fast-growing business.

Britain-based Watchfinder, with about 200 employees, provides a platform to research, buy and sell premium pre-owned watches, online and through seven boutiques, Richemont said in a statement.

The transaction is expected to close in summer of 2018, Richemont said, adding it would have no material impact on consolidated net assets or the operating result for the financial year ending March 31, 2019. Richemont did not give details on the price of the deal.