F.P. Journe, one of the most popular independent Swiss watchmakers, has teamed up with Chanel, its powerful minority shareholder, to acquire Ebel from the U.S. group Movado for $66.5 million, the companies announced on Thursday.
Ebel will be run by former De Bethune CEO Pierre Jacques, who masterminded the deal and convinced François-Paul Journe and Chanel to invest in the project. Under the terms of the transaction, F.P. Journe will be the majority shareholder via Montres Journe. Chanel and Jacques will own minority stakes. Movado will retain a 5 percent holding so that it gets some upside should the brand’s revival work out. Chanel and Jacques did not wish to give more detail nor comment.
The watch market is full of resuscitated old ladies.
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