⏱ 1 min read
Background
Ebel, founded in 1911 in La Chaux-de-Fonds, celebrates its 115th anniversary this year. The brand had until now belonged to the US group Movado.
The key points
Movado has agreed to sell 95% of Ebel for 66.5 million dollars to a group led by Montres Journe SA, which operates under the F.P. Journe brand. Chanel is taking part in the acquisition.
Pierre Jacques, former CEO of De Bethune, will become Ebel's chief executive. Movado will keep a 5% stake in the company.
Key figures
- Transaction price: 66.5 million dollars, or around 59 million euros.
- Stake sold: 95%.
- Chanel's stake in F.P. Journe since 2018: 20%.
What it means for businesses
The trademarks, intellectual property, inventory and the Villa Turque, designed by Le Corbusier, will be transferred to a new Swiss subsidiary. Movado wants to focus on its accessible luxury watches and jewellery.
Who says what
Frédéric Grangié, president of Chanel Watches and Fine Jewellery, expresses confidence in Ebel's long-term potential. François-Paul Journe believes Ebel has always stood for exceptional product.
What's next
The transaction is expected to close in the coming months. Movado will provide certain services to the new entity to ensure the transition.
Further reading
Sources
- Tribune de Genève – Ebel: watch brand bought by F.P. Journe and Chanel
- FashionNetwork – Chanel and F.P. Journe acquire 95% of Ebel from Movado Group
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