Citychamp snaps up luxury watch brand
Listed Hong Kong watch & jewellery group Citychamp has bought a majority stake in Ernest Borel Holdings.
The transaction, which saw Citychamp taking a 58.22 per cent shareholding in the heritage Swiss watch manufacturing brand, was completed on Tuesday.
Ernest Borel, an award-winning brand even in its early days of business in the mid to late 19th century, is noted for its traditional focus on export markets outside Europe. It was first purchased by a group of investors from China in 1997.
Citychamp currently distributes more than 25 international brands within major cities in Mainland China. Its brands include Rossini, Corum, Eterna, Rotary, Ebohr, J&T Windmills, Kana and Dreyfuss & Co.
The news comes just a day after international fashion brand Chanel acquired a 20 per cent stake in the parent company of luxury Swiss watch brand F P Journe.