The Gucci Group has agreed to acquire two Swiss companies run by watch designer Dino Modolo: Di Modolo Associates S.A., a design studio, and Di Modolo S.A., a production facility. The announcement was made in early March. The financial terms of the transaction were not disclosed.
The Di Modolo studio has designed timepieces for more than 20 years for some of the leading brands in the high-end luxury watch market. It also designs watches for the Gucci Group subsidiary Bédat & Co., which Gucci acquired in late 2000. The Di Modolo production company specializes in manufacturing timepiece bracelets and cases in precious metals and is known for its expertise in the manufacture of jewelry watches. Dino Modolo will continue as chairman of both companies and will be involved in designing Gucci’s new line of Yves Saint Laurent timepieces.
Domenico De Sole, president and chief executive officer of Gucci Group, said the acquisitions are important additions to “[Gucci’s] development of its existing Swiss watch business.
“Dino Modolo’s name is synonymous with high-quality watch design and production, and I’m delighted we will be able to work with him to develop our watch business and enhance our presence in the ‘hard luxury’ sector.”
Gucci Group N.V. is a leading international luxury goods company. Its watch holdings include Yves Saint Laurent, Boucheron, and Bédat & Co. It operates stores in major markets throughout the world and wholesales products through franchise stores, duty-free boutiques, and department and specialty stores.