Victorinox and Swiss Army Brands plan new watch business
One of the two makers of the Swiss Army Knife, the Victorinox company, and Swiss Army Brands, have announced an agreement to form a new watch concern.
A joint announcement said that the new company, Victorinox Swiss Army Watch, would market and distribute a single unified brand in all international markets outside the United States, Canada and the Caribbean.
Victorinox and Swiss Army Brands will each contribute an equivalent anount of cash, inventory and their entire watch businesses outside the US, Canada and the Caribbean to the new company.
Distribution and logistics for the new concern will be at Ibach in canton Schwyz, where Victorinox has its headquarters.
Sales, marketing and product design and development will be located in Biel.
Victorinox and Swiss Army Brands have had a business relationship dating back to 1937.
Commenting on the agreement, the president of the new company, Sue Rechner, said that the merger was a natural combination of two watch brands with similar attributes and complementary business strategies.
"All the individual strengths of the two watch brands will be combined to for a strong company poised for international growth," she said.
Victorinox Swiss Army Watch said it expected to introduce its new brand in Italy in October. It will be presented shortly afterwards in other international markets.
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