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government-trade

Binda Group Acquires Geneva Watch Group

Merger creates $651 million timepiece and jewelry firm.

MILAN – Italy’s Binda Group is merging with America’s Geneva Watch Group to create a timepiece and jewelry firm with projected annualized sales for 2008 in excess of 450 million euros, or $651 million at current exchange.

Binda Group, which owns the Breil Milano, Breil Tribe, Wyler Geneve and Details brands, and operates under license watches and jewels for D&G, Moschino Cheap & Chic, and Ducati among others, said Thursday it had acquired 100 percent of Kenneth Cole licensee Advance Watch Group Ltd. – known commercially as Geneva Watch Group – from U.S. private equity fund Heritage Partners for an undisclosed sum.

“This acquisition…allows our group to further strengthen its international presence and share competencies with a successful U.S. company,” Binda co-chief executive officer Marcello Binda said.