Movado Group, Inc. Enters Into Agreement to Sell Majority Interest in EBEL
Key Highlights
- ➤Movado to sell 95% of EBEL for $66.5 million to strategic buyer group
- ➤Movado retains 5% EBEL stake after transaction closes
- ➤Buyer group includes Montres Journe, Chanel and Pierre Jacques
- ➤Pierre Jacques will become EBEL chief executive following the transaction
- ➤Closing expected in the next few months, subject to customary conditions
Expert Statements
Efraim Grinberg, Chairman and Chief Executive Officer of Movado Group
“EBEL is a prestigious brand with a rich heritage, known for its carefully curated collections, and we are very pleased to have found partners that share our appreciation for the brand and have an exciting vision for its future. This transaction reflects the continued strategic discipline with which we are managing our portfolio and allocating our resources. It allows us to concentrate fully on executing our priorities across our watch and jewelry brands, while placing EBEL with owners who have the expertise, commitment and long-term perspective to unlock the full potential of this exceptional Swiss brand. We believe this is a compelling outcome for both Movado Group and EBEL. We look forward to supporting the buyer group through the transition period and participating in its future success as a minority owner.”
François-Paul Journe, Founder of F.P. Journe
“Like Michelangelo and so many others after him: the product, the product, the product. EBEL has always stood for exceptional product, and I am delighted to contribute to its next chapter alongside my friends and partners.”
Frédéric Grangié, President of Chanel Watches & Fine Jewelry
“EBEL is one of the great names of Swiss watchmaking, with a rich heritage, a distinctive creative identity and a strong foundation for future growth. This investment reflects our confidence in the brand’s long-term potential and our commitment to supporting its development while preserving the craftsmanship, excellence and values that have defined EBEL for generations. We look forward to accompanying the brand in this next phase of its history.”
Pierre Jacques, Chief Executive Officer of EBEL following the transaction
“I am incredibly proud and excited to lead this new stage of EBEL alongside François-Paul Journe and Chanel, and to contribute to the future success of such an iconic Maison.”
Movado Group, Inc. Enters Into Agreement to Sell Majority Interest in EBEL
Movado Group, Inc. (NYSE: MOV) today announced that it has entered into a binding agreement to sell a 95% interest in its EBEL brand for $66.5 million to a strategic buyer group led by Montres Journe SA (“Montres Journe”), a Geneva-based luxury watch manufacturer, with the participation of Chanel (“Chanel”), the luxury house, and Pierre Jacques, a renowned figure in the Swiss watch industry, who will serve as Chief Executive Officer of EBEL. The transaction is subject to customary adjustments and closing conditions with Movado Group retaining a 5% interest in the business.
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