TAG HEUER: SALES UP 10.6% FOR ’96, WILL BUY UK VENDOR
MARIN, Switzerland — Tag Heuer International SA said sales for the year ended Dec. 31 rose 10.6 percent to $296 million (419.7 million Swiss francs) from 379.6 million Swiss francs a year earlier.
The watch firm also noted that average selling price per unit increased to about $415 (589 Swiss francs) in 1996, from 540 Swiss francs in 1996.
Earnings for 1996 will be released the first week of April, the company said.
Tag Heuer further reported it has signed an agreement to acquire its United Kingdom distributor, Duval. Terms of the deal were not disclosed.
The Swiss watchmaker said that the acquisition will be financed from internal resources, and it expects to purchase to boost its total earnings going forward.
Duval’s existing workforce, under the management of Neil Duckworth, will remain with the company, Tag Heuer said.