Movado Group, Inc. Enters Into Agreement to Sell Majority Interest in EBEL
The deal gives EBEL new ownership and leadership as Movado refocuses on its core watch and jewelry brands.
- On Thursday, Paramus, N.J.-based Movado Group announced a binding agreement to sell 95% of its EBEL brand to a buyer group led by Montres Journe SA for $66.5 million.
- The purchasing group includes the luxury house Chanel and veteran watch executive Pierre Jacques, who will serve as Chief Executive Officer of the 95-year-old watchmaker following the transaction.
- Movado Chairman and CEO Efraim Grinberg stated the sale allows the company to focus on its core portfolio while placing EBEL with owners having the "expertise, commitment and long-term perspective" to unlock its potential.
- Frédéric Grangié, President of Chanel Watches & Fine Jewelry, added that the investment reflects confidence in EBEL's long-term potential while preserving the "craftsmanship, excellence and values that have defined EBEL for generations."
- The deal, expected to close "in the next few months," transfers trademarks, inventory, and the historic modernist home Villa Turque to a new Swiss subsidiary, with Movado Group retaining a 5% interest.
12 Articles
12 Articles
The American owner Movado separates himself from the Neuchâtel brand. Ebel, who experienced his hours of glory in the 1980s, will benefit from a rich ecosystem carried by Chanel and the Watch Journe in Geneva. The finalisation will take place in the coming monthsThe beautiful Ebel enters the perimeter of Chanel. For many, the new one will pass for a transaction like another. Those who kept in mind the return of the watch industry in the 1980s wi…
In the 1980s, Ebel was in demand, after which the watch brand sank in the middle. Buy now F.P. Journe and Chanel the Swiss traditional brand.
Industry News: F.P. Journe and Chanel Acquire 95% of EBEL from Movado Group
In a recent announcement by the Movado Group, Ebel is set to be acquired by a strategic buyer group led by Montres Journe SA, with the participation of Chanel (partial owner of F.P. Journe) and industry veteran and ex-CEO of De Bethune, Pierre Jacques. The latter will serve as Chief Executive Officer of Ebel. The […]
PARAMUS, N.J.–(BUSINESS WIRE)– Movado Group, Inc. (NYSE: MOV) announced today that it has entered into a binding agreement to sell a 95% interest in its EBEL brand for $66.5 million to a strategic buyers group led by Montres Journe SA (“Montres Journe”), a luxury wristwatch manufacturer based in Geneva, with […]
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