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Business News: Movado Selling Ebel To F.P. Journe And Chanel In Deal Heralding Comeback Of Once Mighty Swiss Brand
Ebel, once one of the most successful and top-selling Swiss watch brands, which has fallen into relative obscurity under the ownership of Movado Group, is being sold to a consortium of high-profile buyers, including François-Paul Journe and Chanel, who plan to revive the Ebel marque with hopes of returning it to its former glory. Vintage Ebel chronographs. Photo courtesy of Phillips; credit: James Kong. Movado Group, Inc. says it entered into a binding agreement to sell a 95% interest in the Ebel brand for $66.5 million to a strategic buyer group led by Geneva-based Montres Journe SA, with the participation of French luxury house Chanel and Pierre Jacques, a long-time industry executive. Jacques, who previously headed De Bethune for more than a decade, will take over as CEO of Ebel while Movado, with shares publicly listed on the New York Stock Exchange, which purchased the brand from LVMH in 2004, will retain a 5% stake in the business when the deal is completed, the parties said in a statement. The agreement underscores the growing business interest in reviving faded luxury Swiss watch brands once revered by watch consumers. Breitling paid more than CHF 60 million to acquire the Universal Genève brand and archives and relaunched it as a high-end luxury marque earlier this year. Ebel was once a major player in the industry, thriving during the quartz crisis era of the 1970s, 1980s, and 1990s under Pierre-Alain Blum, a third-generation leader of the family-owned busi...
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