Festina, the Spanish watch group, has bought the Candino Watch Co., a family-owned Swiss business that makes Europe’s popular mid-priced Candino Swiss watch brand. The acquisition was completed on Jan.16 by Miguel Rodriguez, president and owner of the Festina watch group and Kurt Flury, head of Candino. Details of the transaction weren’t released.
The acquisition extends and strengthens the Spanish watchmaker’s activities in the Swiss watch business, notes Phil Schwetz, president of Festina USA. Candino is sold worldwide in 51 countries, but not in North America. It is possible that Festina USA will distribute Candino in the United States, but nothing is yet confirmed, says Schwetz. Festina’s other brands include Jaguar, Calypso, and Lotus.
The union of the two watch companies benefits both by merging their manufacturing and sales know-how, while maintaining their individual brand identities in the mid-price segment of the market, says a joint statement.
Candino was founded in 1947 by the Flury family, which has manufactured watches in Switzerland’s Solothurn Jura region since the 19th century.
The Festina Group, based in Barcelona, was founded in 1902, and this year marks its 100th anniversary. It is sold in more 50 countries including the United States.
Festina is the official timekeeper of the Tour de France bicycle competition, the official watch of over fifty events in the United States, and the official watch of the USA Cycling Team. It is awarded annually to inductees of the U.S. Bicycling Hall of Fame.