Fresh from the press, Richemont acquires Minerva… There goes their independancy, but here comes (probably) watches!! Finally, after all those prototyping, rumours etc… this might¬be their chance to fight themselves back on the market.
Here is the article as it was published this morning on Richemont.com:
“Richemont, the Swiss luxury goods group, is pleased to announce that it has acquired Fabrique dÄôHorlogerie Minerva SA in a private transaction from G. P. P. International SA, Luxembourg.
The watch brand Minerva was established by Charles Robert in 1858 and is based in Villeret, Switzerland. It has 22 employees and is today specialized in the development and manufacturing of high end mechanical movements.
The transaction will have no material impact on Richemont’s consolidated net assets and will not have any impact on profitability for the year ending 31 March 2007.
Richemont owns a portfolio of leading international brands or ÄòMaisonsÄô, which are managed independently of one another, recognising their individuality and uniqueness. The businesses operate in five areas: Jewellery Maisons, being Cartier and Van Cleef & Arpels; Specialist watchmakers, which is made up of Jaeger-LeCoultre, Piaget, IWC, Baume & Mercier, Vacheron Constantin, Officine Panerai and A. Lange & S??hne; Writing instrument Maisons – Montblanc and Montegrappa; Leather and accessories Maisons, being Alfred Dunhill and Lancel; and Other businesses, which includes, specifically, Chlo?© as well as other smaller Maisons and watch component manufacturing activities for third parties.
In addition to its luxury goods business, Richemont holds an 18.6 per cent interest in British American Tobacco.”