Movado Group has entered into a binding agreement to sell a 95% stake in the Ebel brand for $66.5 million to a consortium led by F.P. Journe's Montres Journe SA, with participation from Chanel and industry executive Pierre Jacques. The group plans to revive the Ebel marque, aiming to restore it to its former prominence in the Swiss watchmaking industry.
- Sale price: $66.5 million
- Movado Group retains a 5% stake
- Deal expected to close in the next few months
Ebel, once a top-selling Swiss watch brand, has fallen into relative obscurity under Movado Group's ownership.
The buyer group includes François-Paul Journe, Chanel, and Pierre Jacques, who will serve as CEO.
This acquisition reflects a trend of reviving faded luxury Swiss watch brands, similar to Breitling's relaunch of Universal Genève.
Ebel was known for its 'Wave bracelet' and was among the top five Swiss watch manufacturers during the 1970s-1990s.
The brand gained significant visibility in the 1980s when Don Johnson wore an Ebel 1911 chronograph on Miami Vice.
François-Paul Journe stated his belief in Ebel's "exceptional product" and his delight in contributing to its next chapter.
Chanel's participation underscores its growing commitment to becoming a larger player in the watchmaking sector, with prior investments in other watch-related entities.
Assets including trademarks, intellectual property, inventory, and the historic Villa Turque will be transferred to a new Swiss subsidiary.