The acquisition is part of Citizen’s multi-brand strategy to add Swiss brands to its portfolio
Japan-based Citizen Watch will acquire the Switzerland-based Frederique Constant Holding Group, which owns the brands Frederique Constant, Alpina, and deMonaco.
All personnel will stay on in their current positions, according to statement from Citizen Watch.
“We have a great opportunity to expand the sales of Frederique Constant through our current distribution channels of Citizen branded watches, particularly in Japan and the U.S.,” said Toshio Tokura, CEO of Citizen Watch, in a statement. “With the acquisition of Frederique Constant, the Citizen Watch Group will be able to augment its portfolio of brands and occupy the space in the markets where some of our competitors operate and further expand the presence of the Citizen brand in the market.”
Aletta and Peter Stas, the founders of Frederique Constant, also issued a statement: “As we feel a tremendous commitment to the Frederique Constant Group and its people, we started to explore a potential collaboration to secure the company beyond ourselves. We have become increasingly impressed by the innovative technologies of the Citizen Group. We see the opportunity of Swiss-Japanese partnership to develop and market accessible luxury watches for the 21st century and beyond.”