Luxury / news
Movado Agrees to Sell 95% of Ebel for $66.5 Million to F.P. Journe-Led Group
Movado Group has entered a binding agreement to sell 95 percent of watchmaker Ebel to a group led by F.P. Journe, with Chanel and industry veteran Pierre Jacques participating. The $66.5 million deal is expected to close within the next few months.
Under the terms of the transaction, a newly formed Movado subsidiary will take over Ebel's trademarks and other intellectual property as well as its inventory. The historic Villa Turque, also known as Villa Schwob, is included in the sale. The modernist house in the watchmaking hub of La Chaux-de-Fonds was designed by French-Swiss architect Le Corbusier.
Pierre Jacques, previously chief executive of De Bethune, will become CEO of the 95-year-old watchmaker. Movado staff dedicated to the Ebel business will transfer to the new entity.
Movado, based in the United States, will retain the remaining 5 percent stake in Ebel. The group produces timepieces for fashion labels including Lacoste and Coach, and most recently Kate Spade.
Efraim Grinberg, chairman and CEO of Movado, called Ebel a prestigious brand with a rich heritage, known for its carefully curated collections, and said the company was pleased to have found partners that share its appreciation for the brand.
François-Paul Journe, founder of F.P. Journe, said Ebel has always stood for exceptional product and that he was delighted to contribute to its next chapter alongside his friends and partners.