Cyma Buys Hugh Glenn Corp.
The watch manufacturer buys its largest distributor
Swiss watch company Cyma bought its U.S. distributor, Hugh Glenn Corp., New York City. Glenn Corp. is Cymas largest source of sales worldwide.
Owner Hugh Glenn remains head of what is now the U.S. office for Cyma, a manufacturer of steel and gold watches since 1862.
I am thrilled by the whole agreement, says Glenn, who with his staff built U.S. sales for the brand from zero when he started Cyma here 19 years ago. Now the brand sells through 600 independent retailers in North America, accounting for two-thirds of Cymas total watch sales worldwide. Cyma watches are $295-$20,000 suggested retail.
We were the only distributor not owned by Cyma, and in Basel this year, I spoke to the owners, the Guilgot family, who wanted to buy our firm.
No personnel changes are expected, says Glenn. He added that retailers will benefit because its likely additional money will be made available for marketing as Cyma begins to operate the U.S. office.
Cyma, New York City; (212) 695-4270, www.cymawatch.com.
by Michael Thompson
||Cyma owner Claude Guilgot (left) shakes on the deal with Hugh Glenn, who remains president of the U.S. office for Cyma.