Richemont now owns 100% of Swiss watchmaker Roger Dubuis. Richemont bought Dubuis’s production facility and took over distribution of the brand in 2007. The next year, it bought 60% of the company from former owner, Carlos Dias. Akram Aljord, investor and chief executive of the watch brand Hysek, previously owned the other 40% of the company, according to a Reuters report quoting Swiss newspaper Le Temps.
“Given the tough situation, I would not be surprised to see more watch deals with smaller players joining the bigger groups such as Swatch Group, LVMH, and Kering in addition to Richemont,” Kepler Cheuvreux analyst Jon Cox said. Richemont and Roger Dubuis declined to comment on the sale price.
New President at Bulova Corporation
Citizen Watch Company, Ltd., parent company of Bulova, has named Jeffrey Cohen to the position of president of Bulova Corporation. He will also continue his role as president of Citizen Watch Company of America. Cohen joined Citizen in 2010 after serving as worldwide president of Movado Watch. John Wille has been serving as interim president of Bulova Corporation. He will now resume his position as chief operating officer.
“Jeffrey’s new position as president of both companies will provide an excellent opportunity for our company to take broader advantage of his exceptional vision, managerial skills, and industry-wide relationships,” said Toshio Tokura, president of Citizen Watch Company.
Donna Hardy is Managing Editor of Horological Times.