Japan’s Citizen Watch Co. today announced that it will acquire Swiss-based Frédérique Constant Group. The acquisition covers not only the Frédérique Constant brand but also the Alpina and DeMonaco ones.
“We have a great opportunity to expand the sales of Frederique Constant through our current distribution channels of Citizen branded watches, particularly in Japan and the U.S.” said Citizen Watch Co., Ltd CEO Toshio Tokura. “With the acquisition of Frederique 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.” He later added “Citizen will be able to achieve great synergy for sharing technologies and infrastructures in the future.”
The acquisition will help Citizen with its plans to offer a portfolio of timepieces that spans everything from accessible timepieces to what it calls “accessible luxury ones.” The new brands are already well established and will allow it to more quickly broaden its reach and take on competitors than if it tried to establish new ones.
Citizen already owns two other timepiece brands – Bulova and Arnold & Son. It also owns Swiss movement manufacturer La Joux-Perret SA.
Citizen added that the acquisition will not affect present management personnel and staff. Frédérique Constant currently employs about 170 people.
Terms of the acquisition were not announced.
Source : Citizen Watch Co.