Chanel and F.P.Journe's Montres Journe buy 95% of Swiss watch brand Ebel from Movado for $66.5 million; Pierre Jacques, formerly of De Bethune, as chief executive; Movado keeps 5%; Le Corbusier's Villa Turque in the deal
Movado Group, which makes watches under licence for fashion brands, had owned Ebel for more than two decades; it says the sale lets it concentrate on its own watch and jewellery brands. The deal covers the Ebel trademarks, intellectual property and inventory, and is expected to close in the coming months.
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01CHANEL AND THE WATCHMAKER F.P.JOURNE ARE BUYING 95% OF EBEL, THE SWISS WATCH BRAND, FROM MOVADO GROUP FOR $66.5 MILLION.
02THE BUYERS ARE LED BY MONTRES JOURNE, FRANÇOIS-PAUL JOURNE'S COMPANY, WITH CHANEL AND THE WATCH EXECUTIVE PIERRE JACQUES.
03JACQUES, FORMERLY CHIEF EXECUTIVE OF DE BETHUNE, WILL RUN EBEL.
04MOVADO KEEPS 5%.
05THE DEAL INCLUDES THE VILLA TURQUE, A HOUSE LE CORBUSIER DESIGNED IN LA CHAUX-DE-FONDS.
06EBEL WAS FOUNDED IN LA CHAUX-DE-FONDS IN 1911.
07'THE PRODUCT, THE PRODUCT, THE PRODUCT,' FRANÇOIS-PAUL JOURNE SAID.