December 23, 2003
Movado to Buy Ebel
Movado Group Inc. agreed to acquire Swiss luxury watch brand Ebel from Moet Hennessy Louis Vuitton in an all-cash transaction valued at $47.3 million on Dec. 22.
Ebel joins Movado, Concord, ESQ, Coach and Tommy Hilfiger as brands in the Paramus, NJ-based company's holdings.
Ebel, founded in Switzerland in 1911, is widely known for its Sport Classic collection with its iconic, waved-linked, bracelet. The brand arrived in the U.S. in 1979 and in 1999 was acquired by LVMH. Movado says it expects Ebel to generate approximately $65 million of net sales in 2003. Current collections range in price from $1,500 to $10,000. Ebel headquarters will remain based in La Chaux de Fonds, Switzerland, and the deal is expected to closed in the first quarter of 2004.
"Ebel is an excellent complement to our existing portfolio of brands. It will significantly expand our presence in the high end of the luxury watch category," says Efraim Grinberg, president and CEO of the Movado Group. No details are yet available regarding changes, if any, in the United States, where its headquarters are in New York City.
by Michael Thompson