Ebel part of Movado?

Written by James Matthews

The Movado Group, a watchmaker based in Paramus, N.J., said yesterday that it had agreed to buy Ebel, a Swiss luxury watchmaker, from LVMH Moët Hennessy Louis Vuitton of France for $47.3 million in cash. Ebel, which makes watches priced up to $10,000 each, is expected to generate about $65 million in net sales in calendar 2003. Its brands include Beluga and Classic Wave. Richard Cote, Movado’s chief operating officer, said that integrating Ebel would initially reduce earnings by 10 to 20 cents a share for the year ending Jan. 1, 2005. The company said it expected the transaction to increase earnings in fiscal 2006.

The Movado Group sells popular Movado Watches

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This post was written by James Matthews. If you have any questions or comments you may contact him at james@jewelerslounge.com