<\/p>\n
\n\tPARIS \u2014 Swiss watchmaker Ebel is changing hands.<\/p>\n
\n\tIts 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.<\/p>\n
\n\tJacques 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.<\/p>\n
\n\tUnder the terms of the $66.5 million deal, expected to close \u201cin the next few months,\u201d a newly formed subsidiary of Movado will take over trademarks and other intellectual properties and inventory.<\/p>\n
\n\tAlso 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.<\/p>\n
\n\tEfraim Grinberg, chairman and CEO of Movado, described Ebel as \u201ca prestigious brand with a rich heritage, known for its carefully curated collections,\u201d and said the American company was \u201cvery pleased to have found partners that share our appreciation for the brand and have an exciting vision for its future.\u201d<\/p>\n
\n\t\u201cThis 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,\u201d he continued.<\/p>\n
\n\t\u201cLike Michelangelo and so many others after him: the product, the product, the product,\u201d said Fran\u00e7ois-Paul Journe, founder of F.P.Journe. \u201cEbel has always stood for exceptional product, and I am delighted to contribute to its next chapter alongside my friends and partners.\u201d<\/p>\n
\n\tChanel\u2019s president of watches and fine jewelry Fr\u00e9d\u00e9ric Grangi\u00e9 called Ebel \u201cone of the great names of Swiss watchmaking, with a rich heritage, a distinctive creative identity and a strong foundation for future growth\u201d and said the investment reflected the French company\u2019s \u201cconfidence in the brand\u2019s long-term potential and our commitment to supporting its development while preserving the craftsmanship, excellence and values that have defined Ebel for generations.\u201d<\/p>\n
\n\tF.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 Ch\u00e2telain in 1993, it has also invested in several watchmakers, Bell & Ross in 1998, Romain Gauthier in 2011 and MB&F in 2024.<\/p>\n
\n\t\u2014 with contributions from Thomas Waller (New York).<\/p>\n
#Chanel #F.P #Journe #Acquire #Watchmaker #Ebel<\/p>\n","protected":false},"excerpt":{"rendered":"
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