MILAN — Moschino is expanding its Cheap & Chic accessories division with a new line of watches and jewelry.
The Milan-based company said Monday it has inked a five-plus-five-year licensing agreement with Gruppo Binda, which will produce and distribute timepieces and jewelry for the Cheap & Chic brand. The first collection will bow at the Baselworld Watch & Jewelry Show next spring. This is the first license for Cheap & Chic.
"I'm enthusiastic about this new collaboration," said Moschino's creative director, Rossella Jardini. "In particular, I enjoy the idea of working on the new jewelry collection."
Jardini described the line as "fancy jewelry inspired by the creative universe of Moschino Cheap & Chic."
Gruppo Binda owns the Wyler Genève business and the Breil watch and jewelry brand. Binda also distributes watches and costume jewelry for Dolce & Gabbana's D&G line around the world. This summer, the company signed a three-year distribution license with Parlux Fragrances Inc. to distribute Paris Hilton watches in Italy, where it also distributes Seiko, Lorus and Nike watches.
"This new license is another step in strengthening our presence in the Italian and international luxury sector," said Marcello Binda, chief executive officer of the group.
Binda said the two companies share the same vision, centered around "innovation and unique design," combined with high-end quality. Binda, a third-generation member of the family that owns the 101-year-old company, took the reins with his brother, Simone, in 1993, and transformed it from a distributor of the Breil, Wyler and Longines brands into the company it is today, taking control of Breil and Wyler.
In 2000, Binda added the costume jewelry division, which rings up 50 percent of sales. Last year, the company registered revenues of 253 million euros, or $357.7 million at current exchange rates. Earlier this year, Binda estimated total sales of 280 million euros, or $395.9 million, in 2007. In the U.S., the company reported sales of $15 million last year.
Moschino's 2006 sales amounted to 125.5 million euros, or $175.7 million at current exchange, which represent 47.2 percent of parent Aeffe's business.
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