Binda Acquires Geneva Watch Group
By William George Schuster -- JCK Online, 11/1/2008 2:00:00 AM
Binda Group, the Italian watch and jewelry company, on Sept. 4 acquired Advance Watch Group, the U.S. watch and clock manufacturer doing business as Geneva Watch. It was owned by Heritage Partners, a Boston private equity fund.
Geneva Watch remains at its Long Island City, N.Y., headquarters. Former chief operating officer and chief financial officer Jeff Gregg succeeds Mark Lucas as chief executive officer.
The company had net revenues of $192 million for fiscal 2008 and sold about 25 million watches. It has 1,800 employees, 300 in the United States and 1,500 in the Far East. Its Status division makes and distributes its Freestyle brand and licensed brands (Kenneth Cole New York, Kenneth Cole Reaction, Tommy Bahama, Betsey Johnson, BCBG Maxazria, Ted Baker London, Mexx, and Speedo). Its Advance section serves major retailing chains in North America.
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