Chanel and F.P. Journe, in partnership with former De Bethune CEO Jacques Pierre, have acquired a 95% stake in Ebel from The Movado Group for US$66.5 million. The consortium aims to revitalize the historic Swiss watchmaker, which experienced a decline after several ownership changes.
- Chanel and F.P. Journe acquired 95% of Ebel.
- The deal was valued at US$66.5 million.
- Jacques Pierre will serve as CEO.
Chanel and F.P. Journe are looking to restore Ebel, a cult classic watchmaker, to its former glory.
Jacques Pierre, former CEO of De Bethune, will lead the revitalization efforts as CEO.
Ebel was reportedly one of Switzerland's largest watch brands in the 1980s and 1990s, generating nine-figure revenue in its heyday.
Historically, Ebel was a significant buyer of Zenith El Primero movements and produced watches for Cartier.
The article suggests potential future directions for Ebel, including ceramic cases and bracelets, and high-quality dials, possibly incorporating movements of El Primero pedigree.