LVMH acquires another Swiss watchmaker
The world's largest luxury goods group, LVMH of France, has signed an agreement to buy the Swiss Hublot company, which makes watches at the top end of the market.
LVMH said on Thursday that the Hublot brand would be “highly complementary” to its existing watch portfolio, which includes TAG Heuer, Zenith, Dior Montres and Louis Vuitton.
Hublot, which has grown from a company with sales of SFr26 million ($25.37 million) in 2004 to a budgeted SFr250 million this year, is based in Nyon on Lake Geneva.
It has started building a new factory there to cope with growing demand.
Hublot has recently been launched in the booming economies of China and India, and LVMH said it had strong room for growth in Asia, North America and Europe.
No financial details of the transaction were made public.
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