Hermes buys control of Swiss luxury watchmaker
HomeNews National Science Sports World Variety Education Real Estate Markets Stocks Forex Commodities Gold Silver Today’s Pick Portfolio Tracker Companies Index Info tech How To Social Media Computers Laptops Mobiles Tablets Other Gadgets Opinion Editorial Columns Quick Take Letters Books Blogs Specials Business Laws Science and Technology Corporate File Auto focus Clean Tech Flight Plan Pulse Technophile Portfolio Personal Finance Big Story India Derivatives Stock Fundamentals Mutual Funds Day trading guide Technical Analysis People News Analysis Research Reports Data Stories Data Focus Deep Dive Visually More
BL InkThe watch subsidiary of French luxury group Hermes says it has bought control of a Swiss watch making firm, Joseph Erard Holding, boosting its strategy in making high end timepieces.
La Montre Hermes said in a statement it had raised its previous 32.5 per cent stake it has held since September 2011 in the hermes red clutch replica
Swiss family run firm to an unspecified level giving it a controlling majority share.
“For Hermes, this operation is a natural part of a continuing effort to master the craft of watch making,” the French group said. Joseph Erard Holding specialises in making watch casings.
Hermes last year took control of another Swiss company, Nateber, which makes watch faces. In 2006, Hermes took a stake in Vaucher, a Swiss company that makes mechanical movements inside watches.
Watches are a small but growing segment in Hermes’s product lines. Last year, the subsidiary expanded sales 17 per cent to 173 million euros, which accounts for five per cent of Hermes total group revenues.