Business News: Chanel Takes 25% Stake in MB&F;
Proving recent rumours to be true, MB&F; has just announced that Chanel now owns 25% of the company. The terms of the deal were not disclosed but it is likely that the valuation of the independent watchmaker not far from the CHF120 million mark. Though meaningful in the context of independent watchmaker, it is a small investment for Chanel, which had 2023 revenues of almost US$20 billion. MB&F; will continue to be controlled by founder Maximilian Büsser (above left), who pares his stake down to 60% stake, while his longtime deputy, Serge Kriknoff, continues with a 15% share in the brand best known for its sculptural, sci-fi creations. The pair were the only shareholders in the brand prior to the Chanel investment. The MB&F; HM11 A major player behind the scenes With its MB&F; investment, Chanel continues to grow its presence in watchmaking, particularly independent watchmaking. The stake in MB&F; follows on Chanel’s investment in F.P. Journe (believed to be about a quarter), and about a half share in Romain Gauthier. Chanel has also long owned a substantial stake in Bell & Ross, as well as a quarter of movement maker Kenissi. Add to those Chanel’s holdings in the watchmaking supply chain, and the result is a luxury group that has a substantial and growing player in watchmaking. Chanel’s watch and jewellery chief, Frédéric Grangié, said the investment in MB&F; “is part of our long-term strategy to continue to preserve, develop and invest in specialist know-how and...
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