PARIS — Japan’s Citizen Watch Co. has acquired Swiss luxury watch brand Frédérique Constant and its sister labels Alpina and Ateliers deMonaco.
Terms of the deal were not disclosed.
In a letter to partners, Frédérique Constant founders Peter Stas and his wife Aletta explained that they had hoped to hand the company over to their children, but they have chosen other career paths.
“Naturally, they have also developed their own desires and ambitions — Piet-Jan in sustainable energy, Eline in the medical field,” they wrote.
They praised the “innovative technologies” of the Citizen Group, saying: “We see the opportunity of a Swiss-Japanese partnership to develop and market watches for the 21st century and beyond.”
As part of the deal, the founders and management team will stay in their current positions for a minimum of five years, the cofounders added. They also noted that Frédérique Constant, Alpina and Ateliers deMonaco will be managed as independent brands and companies within the Citizen Group.
“We have a great opportunity to expand the sales of Frédérique Constant through our current distribution channels of Citizen branded watches, particularly in Japan and the U.S.,” Citizen Watch Co. chief executive officer Toshio Tokura stated. “With the acquisition of Frédérique Constant, the Citizen Watch Group will be able to augment its portfolio of brands and occupy the space in the markets where some of our competitors operate and further expand the presence of the Citizen brand in the market.”
The executive mentioned, as well, a “great synergy for sharing technologies and infrastructures in the future.”
The Frédérique Constant Group employs 170 people in six offices worldwide.