Hermès buys stake in Swiss luxury watchmaker
The watch subsidiary of French luxury group Hermès says it has bought control of a Swiss watchmaking firm, Joseph Erard Holding, boosting its strategy in making high-end timepieces.
La Montre Hermès said in a statement it had raised its previous 32.5 percent stake it has held since September 2011 in the Swiss family-run firm to an unspecified level giving it a controlling majority share.
"For Hermes, this operation is a natural part of a continuing effort to master the craft of watchmaking," the French group said.
Joseph Erard Holding specialises in making watch casings. Hermes last year took control of another Swiss company, Nateber, which makes watch faces. In 2006, Hermes took a stake in Vaucher, a Swiss company that makes mechanical movements inside watches.
Watches are a small but growing segment in Hermès's product lines. Last year, the subsidiary expanded sales 17 percent to €173 million ($225 million), which accounts for five percent of Hermes total group revenues.
Comments
See Also
La Montre Hermès said in a statement it had raised its previous 32.5 percent stake it has held since September 2011 in the Swiss family-run firm to an unspecified level giving it a controlling majority share.
"For Hermes, this operation is a natural part of a continuing effort to master the craft of watchmaking," the French group said.
Joseph Erard Holding specialises in making watch casings. Hermes last year took control of another Swiss company, Nateber, which makes watch faces. In 2006, Hermes took a stake in Vaucher, a Swiss company that makes mechanical movements inside watches.
Watches are a small but growing segment in Hermès's product lines. Last year, the subsidiary expanded sales 17 percent to €173 million ($225 million), which accounts for five percent of Hermes total group revenues.
Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.
Please log in here to leave a comment.