Movado will retain a minority interest of 5% in the brand moving forward. The acquisition group includes the luxury fashion house Chanel and industry veteran Pierre Jacques, who is slated to step into the role of chief executive for EBEL. The transition signals a refocusing of assets for Movado, which originally brought the EBEL name under its corporate umbrella in 2004.
Movado Offloads EBEL Brand for $66.5 Million
A consortium led by Swiss luxury watchmaker Montres Journe has agreed to purchase a 95% stake in the EBEL brand from Movado Group. The $66.5 million deal marks a significant shift for the Paramus-based company, which has held the Swiss watchmaker in its portfolio since acquiring it nearly two decades ago.
Comments (0)
No comments yet. Be the first!