GUCCI GROUP announces partnership with luxury Swiss watchmaker BEDAT & Co of Geneva
Amsterdam, The Netherlands, December 11, 2000: Gucci Group N.V. (Amsterdam and NYSE: GUC) announces today that it has signed a definitive agreement to acquire control of BEDAT & Co, the Geneva-based Swiss watchmaker whose timepieces were introduced into the United States luxury market in 1997 and have enjoyed phenomenal success since then.
Under the terms of the deal, Gucci Group will acquire 85% of the BÉdat business. Mme Simone BÉdat will be Chairman of the Board, while her son Christian will continue in his role as Chief Executive and will remain a shareholder in the business.
BEDAT & Co was founded in 1996 by Christian and Simone BÉdat, based upon many years of experience in the Swiss watch sector. The brand has grown rapidly in the US on the back of the elegance, quality and exclusivity of its timepieces. The basic BÉdat models are priced around the $4,000 - $5,000 range, while more exclusive pieces are priced as high as $30,000. Distribution is currently through a very limited number of doors with select speciality retailers primarily in the US and Geneva. Sales of the BÉdat group are expected to be around CHF 20 million in 2000. With the support of Gucci Group, the major markets of Japan, Europe and the rest of Asia will be targeted in the next few years, in addition to expanding upon the selective US presence.
From Gucci's Press Release
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