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Amsterdam, 25 February 2009 -Gucci Group N. V., one of the world’s leading multi brand luxury goods companies, today announces that it has signed a definitive agreement for the sale of Bedat & Co, the Geneva-based Swiss watchmaker, to Luxury Concepts Watches & Jewellery Sdn Bhd, the Malaysia-based brand management company, in partnership with Viviane Fankhauser, current acting-CEO of Bedat & Co.
Bedat & Co will continue to design, market and sell luxury Swiss watches under the Bedat & Co brand.
Gucci Group acquired Bedat & Co in December 2000 as a niche young monoproduct brand in the luxury timepiece business.
Robert Polet, President and CEO of Gucci Group said: “Together with Luxury Concepts and Viviane Fankhauser we have reached a good deal for all parties concerned. Since its acquisition, Bedat & Co developed particularly in the United States and Asia, however, it didn’t reach the level of performance we were expecting. Joining Luxury Concept with its expertise in distributing niche high-end watches in East Asia, Bedat & Co is set to become a strong player in theirmarkets.”
Frank Low, CEO of Luxury Concepts said: “I am excited at the opportunities that lie ahead for Bedat & Co. and am delighted that we will be able to build upon the legacy that has been created at the brand and to develop its potential further.”
(Press Release)
Image: Tengis Bilegsaikhan, CC BY 2.0, via Wikimedia Commons.
