Chow Tai Fook confirms the takeover of Milus, which has been part of the Peace Mark Group since 2002. The former owner of the brand was placed under provisional liquidation last month.
For the Chow Tai Fook Group ('CTF Group') the acquisition of Milus is a great opportunity to complement its portfolio of luxury products with a high-end watch brand.
The CTF Group is a substantial private enterprise established and owned by Dr Cheng Yu Tung and his family. Total assets of the Group exceed US$5 billion. The CTF's businesses are worldwide, with over 80,000 employees. It operates under two principal companies:
Chow Tai Fook Enterprises Limited - primary focus is investment
Chow Tai Fook Jewellery Company Limited - retailing of diamond and gold jewellery.
With nearly 80 years history, the Chow Tai Fook company incorporates its heritage of design excellence and distinct craftsmanship and is one of the top jewellers amongst high quality fine jewellery. Currently, it has over 700 retail outlets and franchises in over 60 cities in China, Hong Kong, Macau, Taiwan and Malaysia. The Company's annual total sales exceed US$1 billion.
Backed by its new investor, Milus has the best potential for its future developments. The CTF Group as the new parent presents for Milus the perfect outset to strengthen its brand positioning and its retail presence in view of the core markets. Milus is honoured to become a member of this remarkable group and will put all efforts to a strong and successful growth.
The Milus brand, founded in 1919, has always been firmly based in the cradle of watch making in Switzerland: Biel-Bienne. Milus achieved an artistic way to measure the moment and represents beautifully the outstanding Swiss watchmaking skill of mechanical finesse, graceful movement and exclusivity. Milus has its own subsidiaries in Hong Kong/China, USA and Germany and is represented in more than 40 countries by the most renowned distribution partners.
Source: Milus
www.milus.com
Contact: press@milus.com
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