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TECHNO TALK: TechnoMarine SA has been bought out by its management.
The Geneva-based watch company announced on Monday that its chief executive officer, Jacques-Philippe Auriol, had signed a deal on Friday with the previous owners, Crédit Agricole (Suisse) SA and Belgian investment company Cobepa, to take over all shares in the company.
This story first appeared in the July 23, 2013 issue of WWD. Subscribe Today.
“This buyout marks an important step in implementing the revitalization strategy initiated by Jacques-Philippe Auriol since he joined the company in 2011, illustrated by the repositioning of the brand and the product range, improvement of quality, a new communication strategy and the expansion of the distribution circuit,” the company said.
“This buyout will enable us to capitalize on the groundwork we have been laying for the past two years, and to implement a successful business project with the team I have put together,” said Auriol.
The 55-year-old executive has extensive experience in the luxury world, including stints as ceo of Gucci Group Watches, chief operating officer of the watchmaking division at Compagnie Financière Richemont and ceo of Baume & Mercier.
Established in 1997 in Saint-Tropez, TechnoMarine sells some 140,000 watches every year in more than 50 countries.