LVMH, Moët Hennessy Louis Vuitton announces that it has sold watchmaker Ebel to the Movado Group Inc for 61.5 million Swiss Francs.

As the world watch market shows signs of recovery, the LVMH Watch & Jewelry business group decides to focus on a portfolio of complementary brands: TAG Heuer, Zenith, and Dior Watches. Brands Chaumet and Fred will maintain the Group's positions in jewelry watches, meanwhile Louis Vuitton develops its range of watches produced by LVMH watch manufacturers.

Philippe Pascal, President of the Watch & Jewelry business group, commented that the Ebel brand has moved more up market, and that “Ebel has a bright future within Movado Group.”