Movado agrees to sell 95% stake in EBEL to Montres Journe-led group for $66.5 million
MOV•Movado agreed to sell a 95% stake in EBEL for $66.5 million to a buyer group led by Montres Journe, with Chanel participating. Movado will retain 5% of the business.
1. Sale terms
The deal transfers EBEL-related trademarks, inventory and other assets, including the Villa Turque, to a new Swiss subsidiary. Movado plans to provide transition services for EBEL’s customers and business partners.
2. Leadership and timing
Pierre Jacques is set to become EBEL chief executive after closing, which is expected in the next few months.
