Glycine Watch sold to Invicta Watch Group
Florida-based watch manufacturer Invicta Watch Group has bought a majority stake in Switzerland's Glycine Watch Company from DKSH.
No financial details have been revealed about the sale, which is part of DKSH's restructuring of its luxury business, which was announced in mid-2015.
Dr. Joerg Wolle, President & CEO, DKSH, commented: “Selling Glycine to Invicta is a further important step in the ongoing restructuring of our luxury goods business. At the same time, we are convinced that the Glycine business is in good hands. The restructuring of the luxury goods business is well underway; we are delivering what we promised.”
Invicta was founded in 1837. Eyal Lalo, CEO of Invicta, stated: "I am very excited about Glycine joining the Invicta family. The synergy between the two brands will create growth for Glycine. It is our commitment to remain dedicated to preserving the quality and long history that made Glycine the respected brand that it is today. We will support Glycine while maintaining its independence and rich Swiss heritage."
DKSH is restructuring its luxury business because of lower demand in Asia, ongoing industry consolidation and the appreciation of the Swiss franc.
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