(Bloomberg) -- Chrono24 GmbH, the biggest dedicated online reseller of luxury watches, named Carsten Keller, an executive from online retailer Zalando, as its new chief executive officer.

Keller, who founded Zalando’s connected retail business and served as vice-president of direct to consumer, will join Chrono24 in January, the company said in a statement.

He’ll replace co-CEOs Tim Stracke and Holger Felgner, who will remain shareholders and board members at closely held Chrono24. Stracke will serve as chairman.

The move marks a significant changing of the guard at the Karlsruhe, Germany-based company, which has been valued at more than $1 billion and had previously considered a public share listing.

Prices for luxury watches from top brands including Rolex, Patek Philippe and Audemars Piguet have been falling since April 2022 after surging to record levels during the pandemic. 

Amid the price pullback, Chrono24 has experienced slowing sales growth. Year-over-year sales volume is expected to rise about 3% in 2023, Stracke said in a recent interview. Sales volumes were expected to grow 11% in the US and 6% in the European Union. 

Other Chrono24 shareholders include private equity firms, football star Christiano Ronaldo and the family investment vehicle of LVMH Chairman Bernard Arnault. 

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