Former Watch Group Pippo Italia Acquired by New Owners

Earl T. Shannon, chief executive officer of P SWISS, Inc. announced that the newly formed company has acquired the assets and the “P” logo trademark of Aurafin’s former luxury watch brand, Pippo Italia. Aurafin LLC was recently acquired by Berkshire Hathaway. P SWISS will launch to the public July 7 (07.07.07).

Aurafin launched the Pippo Italia brand in 2004 with 12 case shapes and styles during its first 24 months. The brand sold to retailers across the United States. When Mike Gusky, founder and chairman of Aurafin retired in the summer of 2006, the company decided to close the luxury watch brand. Shannon, a long time friend of Gusky, has been working closely with Dave Meleski, former chief executive officer of Aurafin and new president of the Richline Group, the new company formed by Berkshire Hathaway, to acquire the assets since the Fall of 2006.

Shannon said he saw tremendous opportunity with the brand and believed with the right marketing and product development it could be highly successful.

Product launches that will take place next year. The brand also established a new charitable foundation.

“I understand that we come into the industry with a real challenge in regards to the retailers,” Shannon said. “P SWISS will do everything in its power to please the retail community and show them that they can trust in the investment we’ve made in this company. We hope there will be continued interest in the new and exciting styles coming out in the next year.”

Joining Shannon at P SWISS will be three of his closest business associates from Hudson Capital Group in Fort Lauderdale, Fla.: Steven W. Hudson, Scott W. Bodenweber, and Peter W. Wright.

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