|September 3, 2003
Cyma Buys Hugh Glenn Corp.
Swiss watch firm Cyma has purchased its U.S. distributor Hugh Glenn Corporation, the New York City firm that is Cyma's largest source of sales worldwide.
Owner Hugh Glenn remains head of the 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 the 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. This comprises two-thirds of Cyma's total watch sales worldwide.
"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. We finalized the deal August 27th." No personnel changes are expected, says Glenn. He added that retailers will benefit because it's likely additional funds will be made available for marketing as Cyma begins to operate the U.S. office.
- Cyma, New York, NY; (212) 695-4270, www.cymawatch.com.
by Michael Thompson