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Movado to Sell Majority Stake in Ebel for $66.5M
The watch company agreed to sell a 95 percent interest to a group comprised of F.P. Journe, Chanel, and Swiss watch exec Pierre Jacques.
Movado has agreed to sell a 95 percent interest in Swiss watch brand Ebel. Seen here is a men’s Ebel Sport Classic watch in stainless steel and 18-karat yellow gold ($9,000). (Image courtesy of Ebel’s Facebook page)
Paramus, N.J.—Movado Group Inc. has entered into an agreement to sell most of its interest in its Ebel watch brand as it looks to sharpen the focus on its accessible luxury and fashion watch and jewelry portfolio.
The company agreed to sell a 95 percent interest in the luxury brand for $66.5 million to a buyer group led by Geneva-based luxury watch manufacturer Montres Journe SA (F.P. Journe), with the participation of luxury house Chanel and Swiss watch industry figure Pierre Jacques.
Jacques will serve as CEO of Ebel.
He previously served as CEO of independent Swiss watch brand De Bethune for 15 years before stepping down last summer, four years after selling a majority stake to WatchBox, now The 1916 Company, to secure the brand's future.
Ebel, a premium luxury watch brand, was founded in La Chaux de Fonds, Switzerland, in 1911 by husband-and-wife team Eugene Blum and Alice Levy. It was acquired by Movado Group in 2004.
"Ebel is a prestigious brand with a rich heritage, known for its carefully curated collections, and we are very pleased to have found partners that share our appreciation for the brand and have an exciting vision for its future,” said Movado Group CEO Efraim Grinberg.
“[This transaction] allows us to concentrate fully on executing our priorities across our watch and jewelry brands, while placing Ebel with owners who have the expertise, commitment, and long-term perspective to unlock the full potential of this exceptional Swiss brand.”
Ebel will benefit from the expertise and capital of Montres Journe and Chanel, and the leadership of industry veteran Jacques, said Movado.
Grinberg has noted in recent quarters that Movado has seen continued strength in both the fashion watch and accessible luxury segments in the U.S., with younger consumers warming up to the traditional watch market.
Pricewise, its Movado brand, for instance, has many options available under $2,000, while most of Ebel’s watches retail for above $2,000, topping out at over $9,000.
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The company agreed to sell a 95 percent interest in the luxury brand for $66.5 million to a buyer group led by Geneva-based luxury watch manufacturer Montres Journe SA (F.P. Journe), with the participation of luxury house Chanel and Swiss watch industry figure Pierre Jacques.
Jacques will serve as CEO of Ebel.
He previously served as CEO of independent Swiss watch brand De Bethune for 15 years before stepping down last summer, four years after selling a majority stake to WatchBox, now The 1916 Company, to secure the brand's future.
Ebel, a premium luxury watch brand, was founded in La Chaux de Fonds, Switzerland, in 1911 by husband-and-wife team Eugene Blum and Alice Levy. It was acquired by Movado Group in 2004.
"Ebel is a prestigious brand with a rich heritage, known for its carefully curated collections, and we are very pleased to have found partners that share our appreciation for the brand and have an exciting vision for its future,” said Movado Group CEO Efraim Grinberg.
“[This transaction] allows us to concentrate fully on executing our priorities across our watch and jewelry brands, while placing Ebel with owners who have the expertise, commitment, and long-term perspective to unlock the full potential of this exceptional Swiss brand.”
Ebel will benefit from the expertise and capital of Montres Journe and Chanel, and the leadership of industry veteran Jacques, said Movado.
Grinberg has noted in recent quarters that Movado has seen continued strength in both the fashion watch and accessible luxury segments in the U.S., with younger consumers warming up to the traditional watch market.
Pricewise, its Movado brand, for instance, has many options available under $2,000, while most of Ebel’s watches retail for above $2,000, topping out at over $9,000.
“I am incredibly proud and excited to lead this new stage of Ebel alongside François-Paul Journe and Chanel, and to contribute to the future success of such an iconic maison,” said Jacques.
Frédéric Grangié, president of Chanel Watches and Fine Jewelry, described Ebel as “one of the great names of Swiss watchmaking.”
“This investment reflects our confidence in the brand’s long-term potential and our commitment to supporting its development while preserving the craftsmanship, excellence, and values that have defined Ebel for generations.”
As part of the agreement, trademarks, other intellectual property, inventory, and certain other assets primarily dedicated to Ebel, including the Villa Turque, a historic modernist house designed by architect Le Corbusier that has served as the brand's residence since 1986, will be transferred to a newly formed Swiss subsidiary of the Movado Group.
Select Movado Group personnel will now be employees of this new Swiss subsidiary.
Movado Group will retain a 5 percent stake in Ebel and support the brand through its transition.
The transaction is subject to customary adjustments and closing conditions.
“Like Michelangelo and so many others after him: the product, the product, the product. Ebel has always stood for exceptional product, and I am delighted to contribute to its next chapter alongside my friends and partners,” said François-Paul Journe, founder of F.P. Journe.
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