Bangalore: Watch-to-jewellery maker Titan Industries acquire Swiss watch brand Favre Leuba for up to 2 million euros.The Indian company signed with Favre Leuba's Spanish owner Valfamily SL and Maison Favre Leuba to acquire the 274-year-old brand.
Titan makes cheaper Sonata watches and Xylys at the premium end. It will position Favre Leuba above Xylys.
Favre Leuba has a presence across international markets, including the US, Chile, Lebanon, Bahrain and Singapore. Until its acquisition by the Valentin Group in 2003, it had multiple owners including Louis Vuitton Moet Hennessy.
Titan has experience in retailing Emporio Armani, Burberry, FCUK, Movado, and Guess.
Question to Bhaskar Bhat, managing director, Titan Industries (citation of Vibha Rao)Titan has moved into the premium zone with the acquisition of Favre Leuba, the Swiss heritage brand. What was the rationale behind this acquisition and how does it fit into Titan’s watch business mix?
Favre Leuba has a history that goes back to 1737. The Favre Leuba family rubbed shoulders with the best watchmakers of that time. The brand has residual awareness in India and its regeneration is a very attractive proposition for Titan. India will make a big contribution to its initial regenerative journey but we may not restrict it to this country.
Bhat said, in 2012, the mother company Titan will grow by 30% this financial year led by strong
consumption in the domestic market across watches, eyewear and gold
jewellery.
