Movado Group announced it has entered into a binding agreement to sell a 95% interest in its luxury watch brand, EBEL, for 66.5 million dollars.
The deal was made with a strategic buyer group led by Montres Journe SA and including Chanel and Pierre Jacques, who will serve as CEO of EBEL.
Movado Group will retain a 5% stake in the business after the transaction, which is subject to customary adjustments and closing conditions. The sale allows Movado to focus on its core luxury watch and jewelry portfolio while providing EBEL with new ownership for long-term development.
Efraim Grinberg, Chairman and CEO of Movado Group, stated that this transaction reflects the company's strategic discipline in managing its portfolio and allocating resources.
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