November 16, 1999
LVMH Buys Zenith, Creates New Division
LVMH Moet Hennessy Louis Vuitton, the luxury products group in Paris, France, acquired Swiss watch manufacturer Zenith International S.A. and announced a new watch and jewelry division.
The company already owns many watch and jewelry brands, including Chaumet, Fred, Christian Dior, TAG Heuer, which LVMH bought in September, and Ebel, which it acquired last month. Christian Viros, former president and CEO of TAG International, will oversee the new division, which is expected to do $642.6 million in annual sales initially.
Zenith is an elite watch manufacturer known for its precision craftsmanship. Its "El Primero" integrated automatic chronograph movement is considered to be the best of its kind.
- by Stacey King