American Exchange Group has acquired E. Gluck Corp., the noted watchmaker that owns the Armitron, Danecraft, iTOUCH, and Torgoen brands.
Terms were not disclosed.
The acquisition will form E. Gluck Holdings LLC, the “largest wholesale fashion watch and jewelry company in the industry,” according to a corporate statement.
Bobbie Weichselbaum, E. Gluck Corp.’s CEO, has been named president of E. Gluck Holdings.
In addition to owning several watch lines, E. Gluck creates timepieces for such fashion labels as Anne Klein, Nine West, Vince Camuto, and Steve Madden.
American Exchange Group owns or partners with a number of fashion brands, including Alexis Bendel, Jonathan Adler, Aerosoles, and Jessica Carlyle.
Steve Velasquez, a veteran of Samuels Jewelers and current treasurer of Jewelers of America, serves as American Exchange Group’s chief strategy officer.
In a statement, Weichselbaum paid tribute to her father, Eugen Gluck, who founded the Queens, N.Y.–based company in 1956 after surviving the Holocaust.
“My father built this company on resilience, integrity, and a deep belief in treating people the right way,” she said. “That legacy has guided us for decades, and it was essential for us to find a partner who shares those values.”
In the same statement, Alen Mamrout, American Exchange Group’s CEO, said the purchase “represents a transformational moment for our organization and for the watch industry,” as it is “creating an unparalleled platform for growth.”
Top: Torgoen watches (photo courtesy of E. Gluck)
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