Cyma, a leading upscale Swiss watch brand, has purchased its U.S. distributor, Hugh Glenn Corp., which now becomes the Swiss company’s U.S. branch. The deal was sealed Aug. 27. Terms of the transaction weren’t released.
No changes are planned for Hugh Glenn’s operation or staff. Hugh Glenn continues as president, the company name remains the same, and its offices remain in New York City. The Glenn Corp., founded by watch industry veterans Hugh Glenn and Michael Sachowitz, introduced Cyma to the U.S. market in 1984 and built its distribution here into a network of some 600 retail jewelers.
The purchase, Glenn told JCK, is “very good for the brand in the U.S. market, because it means an even deeper involvement here by the parent company, greater support for jewelers, and even more investment of capital.” Glenn also expressed pleasure that his business had been purchased by “a private, family-owned company” rather than a large conglomerate.
Cyma is the only watch brand that Glenn Corp. distributes. Three years ago, however, it added its own fine-jewelry line, called Sequoia. Distribution and sale of the jewelry line, which Hugh Glenn owns, will be handled by its designer, Yves Kamioner, in a new, separate company that he’ll direct, called Yves K. Designs Inc. The company will be based in New York City.
Cyma S.A. is based in Le Loche, Switzerland. The brand was established in 1862 and was purchased by Claude Guilgot in the mid-1970s.