Chow Tai Fook Buys Peace Mark Assets

Chow Tai Fook, the giant Hong Kong retail jewelry group, has taken over hundreds of watch stores and two manufacturing facilities of bankrupt Hong Kong watch maker and retailer Peace Mark (Holding) Ltd. Chow Tai Fook, privately owned by Hong Kong business tycoon Cheng Yu-tung, acquired Peace Mark's watch retail network (more than 1,120 stores) in mainland China, Hong Kong, Macau, and Taiwan. It also got two watch movement factories on mainland China and assumed some of Peace Mark's debt. At press time, it was unclear how the deal affected the Swiss-made Milus luxury watch brand, owned by Peace Mark, or Peace Mark's agreement with U.S. watch retailer Tourneau to build a chain of fine-watch stores in China. Chow Tai Fook didn't disclose the acquisition price, but reports in the Hong Kong press said the deal cost over $90 million. Peace Mark has been a major international watchmaker

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