PARIS — Hermès International said Friday it has increased its share in the capital of Joseph Erard Holding and now owns a majority stake in the Swiss watch case maker through its watchmaking subsidiary, La Montre Hermès.
“For Hermès, this latest acquisition is a natural step in the continued process of furthering its watchmaking expertise,” Hermès said. The financial terms of the deal were not disclosed.
The market for watch parts has heated up as demand rises in emerging markets, creating production bottlenecks throughout the industry. Makers of luxury watches are especially keen to secure supplies in light of Swatch Group’s decision to reduce its supply of parts to the market.
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