Timex‘s Luxury Group is switching up its distribution partner in the U.S.
The Swiss timepiece giant — based in Lugano — will now distribute top-tier product via the Madaluxe Group.
Previously, Timex luxury products had been distributed by the New Dover Group for approximately six years.
Madaluxe took over the business on Jan. 1, but would not reveal the nature of the deal.
Speaking with WWD about the distribution plans for Timex, Adam Freede, president of the Madaluxe Luxury Group, said: “The overall objective is to effectively take three great brands: Versus, Versace and Ferragamo and capitalize on what we feel is a big opportunity to expand and develop the brands and market them as affordable luxury with a good focus on the product and the value proposition. I think these are iconic luxury fashion brands that just have a ton of opportunity and room for development — certainty from marketing perspective.”
Freede would not reveal numerical projections for the three licenses’ growth. A statement about the deal detailed that Madaluxe’s plans entail, “aggressive marketing support and sales expansion.”
Said Paolo Marai, president and chief executive officer of the Timex Group Luxury Division: “We are thrilled to appoint the MadaLuxe Group as our exclusive distributor in the United States, and are confident that the team at MadaLuxe will represent a unique opportunity to strengthen our position in the USA market allowing us a further step in our growth plans.”
Sandy Sholl, ceo of the MadaLuxe Group, said: “The relationship with the Timex Group Swiss Luxury Division is an exciting opportunity for us, and we are honored to represent such iconic luxury timepieces and recognized brands.”