PARIS — Swiss watchmaker Ebel is changing hands.
Its owner, Paramus, N.J.-based Movado Group, said Thursday it had entered a binding agreement to sell 95 percent of the company to a group led by independent watchmaker F.P.Journe, formally known as Montres Journe SA, with the participation of Chanel and veteran watch executive Pierre Jacques, formerly the chief executive officer of De Bethune.
Jacques will become CEO of the 95-year-old watchmaker. The American group, which makes timepieces for fashion brands such as Lacoste, Coach and most recently Kate Spade, will retain the remaining stake.
Under the terms of the $66.5 million deal, expected to close “in the next few months,” a newly formed subsidiary of Movado will take over trademarks and other intellectual properties and inventory.
Also included is Villa Turque, also known as Villa Schwob, a historic modernist house in watchmaking epicenter La-Chaux-de-Fond designed by French-Swiss architect Le Corbusier. Movado employees dedicated to the Ebel business will become employees of the new entity.
Efraim Grinberg, chairman and CEO of Movado, described Ebel as “a prestigious brand with a rich heritage, known for its carefully curated collections,” and said the American company was “very pleased to have found partners that share our appreciation for the brand and have an exciting vision for its future.”
“This transaction reflects the continued strategic discipline with which we are managing our portfolio and allocating our resources. It allows us to concentrate fully on executing our priorities across our watch and jewelry brands, while placing Ebel with owners who have the expertise, commitment and long-term perspective to unlock the full potential of this exceptional Swiss brand,” he continued.
“Like Michelangelo and so many others after him: the product, the product, the product,” said François-Paul Journe, founder of F.P.Journe. “Ebel has always stood for exceptional product, and I am delighted to contribute to its next chapter alongside my friends and partners.”
Chanel’s president of watches and fine jewelry Frédéric Grangié called Ebel “one of the great names of Swiss watchmaking, with a rich heritage, a distinctive creative identity and a strong foundation for future growth” and said the investment reflected the French company’s “confidence in the brand’s long-term potential and our commitment to supporting its development while preserving the craftsmanship, excellence and values that have defined Ebel for generations.”
F.P.Journe also counts Chanel among its investors. The French house acquired a stake in the company in 2018. Over the years, after kicking off its investment in the industry with the purchase of manufacturer G&F Châtelain in 1993, it has also invested in several watchmakers, Bell & Ross in 1998, Romain Gauthier in 2011 and MB&F in 2024.
— with contributions from Thomas Waller (New York).
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