Business News: Watchbox Takes Majority Stake in De Bethune [Updated]
Watchbox, one of the world’s largest retailers of pre-owned watches, has just announced that it’s taken a majority stake in De Bethune, an independent watchmaker that’s recently enjoying a revival in its fortunes. The deal closed on August 31, according to Patrik Hoffmann, the former chief executive of Ulysse Nardin who’s now the head of Watchbox Switzerland. According to Mr Hoffmann, De Bethune now has just four shareholders, down from a dozen or so previously, with Watchbox holding the largest stake. While Watchbox now has board representation, its investment is largely passive says Mr Hoffmann. Both of De Bethune’s key men will remain in their equity stakes as well as management roles: Pierre Jacques as chief executive and cofounder Denis Flageollet as its technical and watchmaking head. And Mr Hoffmann adds will be no change in terms of De Bethune’s products. “Denis sees the brand DNA so clearly,” continues Mr Hoffmann, “So it would be a big mistake to change that… [since] few brands have the same clearly-defined DNA.” The road from 2002 As the saying goes, history doesn’t repeat itself, but it rhymes. De Bethune was originally cofounded in 2002 by a vintage watch dealer active in the late 20th century, Davide Zanetta, a truly original character who was legendary in his time. Mr Zanetta sold his majority share of the brand in 2017 after many years of losses. One of the investors who bought into the brand in 2017 was Steven Rostovsky, a pre-own...