LVMH has acquired a minority stake in La Joux-Perret, a manufacturer of solar quartz movements that is majority owned by Citizen Group.
Financial details were not disclosed.
Founded in 1990, La Joux-Perret produces movements for many Swiss and international watch brands, including TAG Heuer and Tiffany, both owned by LVMH. Citizen Group purchased the La Chaux-de-Fonds, Switzerland–based company in 2012.
“LVMH wanted to deepen their relationship with us,” Jeffrey Cohen, president of Citizen Watch America, tells JCK. “We think a lot of young consumers are going to be interested in solar movements.”
Cohen adds that La Joux-Perret will remain an independent company and continue to manufacture movements for LVMH’s and Citizen’s competitors.
“That’s our core business,” he says. “We service everybody.”
The deal is rather unusual in that it has a French conglomerate buying part of a Swiss company from a Japanese watch group.
“It’s the world coming together,” Cohen says. “It’s not often you see something like this, great companies collaborating.”
(Photo courtesy of Citizen Watch)
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