Movado To Sell 95% Interest In EBEL Brand
(RTTNews) - Movado Group (MOV) has entered into a binding agreement to sell a 95% interest in its EBEL brand for $66.5 million to a strategic buyer group led by Montres Journe SA, a Geneva-based luxury watch manufacturer, with the participation of Chanel, the luxury house, and Pierre Jacques, a renowned figure in the Swiss watch industry. Movado Group will retain a 5% interest in the business.
Founded in Switzerland in 1911, EBEL is a premium luxury watch brand. The strategic sale allows Movado Group to sharpen its focus on its core accessible luxury and fashion watch and jewelry portfolio. Pierre Jacques will serve as CEO of EBEL following the transaction.
In pre-market trading on NYSE, Movado shares are up 0.06 percent to $32.60.
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