January 5, 2000
Movado Sells Corum Back
The Movado Group sold its U.S. distribution rights for Corum watches back to the original Swiss owners Corum Reis, Bannwart & Co. SA for an undisclosed sum. The privately held firm will continue to distribute the luxury/sports brand in the rest of North America and the Caribbean.
"We have enjoyed our long partnership with the Movado Group and wish them well in the future," Jean-Rene Bannwart, managing director of Corum says. "We are excited by the opportunities for Corum in this important region of the world." Movado distributed Corum here for more than 30 years.
"We believe the sale of our North American Corum distribution business back to Corum, the Swiss owner and manufacturer of the brand, represents a positive milestone for both companies," adds Efraim Grinberg, president of the Movado Group.
Movado Group Inc. designs, manufactures, and distributes Movado, Concord, ESQ and Coach watches and operates five Movado boutiques. The company will launch a line of Tommy Hilfiger watches in Spring 2001.
- by Michael Thompson