Movado Group, Inc. Enters Into Agreement to Sell Majority Interest in EBEL
Movado Group signed a binding agreement to sell a 95% interest in its EBEL luxury watch brand for $66.5 million to a buyer group led by Montres Journe SA with participation from Chanel, retaining a 5% stake. Pierre Jacques will lead EBEL as CEO, and closing is expected within the next few months subject to a pre-closing reorganization and regulatory, tax or other approvals.
Key figures
- Deal Value Usd
- $66.5 million
- Stake sold
- 95%
- Retained stake
- 5%
AI analysis
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