Movado Sells Majority Stake in EBEL Brand
Movado Group (MOV) has announced it will sell a 95% stake in its EBEL brand for $66.5 million to a strategic buyer group led by Montres Journe SA, with participation from Chanel and Pierre Jacques. The transaction is part of Movado's strategy to focus on its core portfolio, which includes the Movado, Concord, and Versace brands. The deal reflects an effort to streamline operations and allocate resources more effectively within a competitive luxury watch market. Chanel’s involvement in the acquisition highlights continued interest from major players in the high-end timepiece sector.
Tickers: $MOV
Topics: Acquisition Brand Sale