Bloomberg

(Bloomberg) -- Citizen Watch Co., the Japanese watchmaker, agreed to buy Swiss rival Frederique Constant, the latest brand to be taken over in an industry shakeup.

Citizen will also gain the Alpina and DeMonaco brands in the transaction, the Tokyo-based company said in a statement, without disclosing financial details.

“We have a great opportunity to expand the sales of Frederique Constant,” especially in Japan and the U.S., Citizen Chief Executive Officer Toshio Tokura said in the statement.

The Swiss watch market has been buffeted by a slump in demand and lower-end brands have been facing competition from smartwatches and fitness bands. Exports of timepieces from the country have dropped for the last 10 months.

To contact the reporter on this story: Thomas Mulier in Geneva at tmulier@bloomberg.net. To contact the editors responsible for this story: Matthew Boyle at mboyle20@bloomberg.net, Zoe Schneeweiss, Albertina Torsoli

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