Movado to divest 95% of EBEL watch brand for $66.5 million
Movado Group announced a binding agreement to transfer 95% of its EBEL luxury watch business to a consortium headed by Montres Journe, with participation from Chanel and watch executive Pierre Jacques. Movado will keep a 5% equity interest and will supply transition services after closing. The transaction is expected to close within the next few months, subject to customary adjustments and closing conditions.
Why it matters
The company says the sale lets it concentrate on its core watch and jewelry portfolio while retaining a minority stake in EBEL. Retaining 5% means Movado will continue to benefit from any future upside of the brand, and the cash proceeds of $66.5 million can be redeployed to other strategic initiatives.
Key facts
- 1Movado agreed to sell a 95% interest in EBEL for $66.5 million. tradingview.com
- 2The buyer group is led by Montres Journe SA and includes Chanel and Pierre Jacques. investing.com
- 3Movado will retain a 5% equity stake in EBEL after the transaction. tradingview.com
- 4The deal includes EBEL trademarks, intellectual property, inventory and Villa Turque. finance.yahoo.com
- 5Closing is expected in the next few months, with a target of Q4 2026. tradingview.com
- 6Efraim Grinberg, chairman and CEO of Movado, said the transaction reflects strategic discipline and allows focus on other brands. finance.yahoo.com
Summary written by AlphAI from 5 of 5 sources. Not investment advice. Figures are as stated by the linked sources.