PARIS -- Investcorp, the Bahrain-based investment group that counts Saks Fifth Avenue and Gucci among its holdings, is negotiating to buy the luxury watch firm Ebel SA.

An Investcorp spokeswoman declined to comment on the talks. Executives of Ebel, based in La Chaux-de-Fonds, Switzerland, could not be reached for comment.

Pierre Haquet, an Investcorp director and the president of Chaumet, a Paris jeweler owned by Investcorp, said Ebel was expected to make an announcement at the Basel Watch, Clock and Jewelry Fair today.

Investcorp already boasts a small but prestigious stable of luxury watch and jewelry brands, including Brequet SA, Le Brassus, Switzerland, and the Gucci watch collection, which is licensed to Severin Montres AG, Lengnua, Switzerland.

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