Breaking News: F.P. Journe, Chanel Acquire 95% of Ebel for US$66.5 Million
In a surprise move, a consortium led by Montres Journe and comprising Chanel and Pierre Jacques, the former chief executive of De Bethune, has acquired Ebel from its longtime American owners, the Movado Group. According to the deal announcement, the consortium is buying 95% of Ebel for US$66.5 million, with the remaining shares to be retained by Movado. The three-party consortium evidently brings different skills to the table, including the financial firepower of Chanel, the watchmaking know-how of François-Paul Journe, and the operational and managerial expertise of Mr Jacques. Movado, on the other hand, might be relieved to have unloaded Ebel, which it unsuccessfully tried to revive over its two decades of ownership. From left: François-Paul Journe, Efraim Grinberg of Movado, Frédéric Grangié of Chanel, and Pierre Jacques. Image – Pierre Jacques Once a high flying brand that was one of the biggest in Switzerland during its 1980s and 1990s heyday, Ebel was famous for its Sport Classique, often nicknamed “wave”, which featured integrated bracelets resembling a wave. Launched in 1977, the model launched Ebel into the stratosphere, with its workforce growing 15 times and revenue reaching nine figures. Ebel was led during this time by Pierre-Alain Blum, grandson of its founders and a shrewd marketer. In the year just after the Quartz Crisis, Ebel was a luxury giant. Amongst the indicators of Ebel’s success and scale during this period: Cartier turned to Ebel to p...