Movado Group Inc. announced March 1 that it had successfully completed its purchase of Ebel, one of the world’s leading luxury watch brands, from French luxury goods group LVMH (Moët Hennessy Louis Vuitton). The $47.3 million deal was first announced Dec. 22. The 93-year-old Ebel firm—renowned for its distinctive, innovative lines including Beluga, Classic Wave, 1911, and Tawara—did $65 million in net sales in 2003. It will remain in La Chaux-des-Fonds, Switzerland.
Ebel is the Movado Group’s first acquisition since 1983. The internationally recognized brand is an excellent complement to the Movado Group’s portfolio of brands, ranging from moderate to high-end, say Movado officials, and extends the Group’s presence in the luxury watch category and international markets. (Ebel does 70% of its business outside North America.)
“We’re very pleased to welcome the Ebel brand into the Movado Group,” said Efrain Grinberg, Movado Group president and chief executive officer. “The powerful combination of Ebel’s distinguished heritage, iconic designs, and technical expertise combined with Movado Group’s proven track record will allow Ebel to become an even stronger Swiss luxury brand in the future. We intend to provide the necessary resources to build upon Ebel’s heritage and maximize the potential of the brand while generating long-term value for our shareholders.”
Movado Group Inc. designs, manufactures, and distributes Movado, Ebel, Concord, ESQ, Coach, and Tommy Hilfiger watches worldwide, and operates Movado boutiques and Company stores in the United States.