Timex Buys High-End Versace S.A.

The Timex Group has purchased Versace S.A., the high-end Swiss watchmaking subsidiary of the upscale Italian fashion house by the same name. The purchase gives Timex—the most widely sold watch in America—"entrance into the luxury market," said company spokesman Jim Katz. For Gianni Versace S.p.A., the deal "allows the Versace Group to continue developing the brand's largely untapped potential in the watch industry" through its licensing partnership with the Timex Group, said Giancarlo di Risio, CEO of Gianni Versace S.p.A. Financial details of the deal, which had been in the works for several months, weren't released. The acquisition could open more jewelry store doors for Timex Corp. Earlier this year, Timex Group president and chief executive officer Joe Santana told JCK that while jewelers were a very small part of Timex's business (about 1%), "we'd love to do more business
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