Lugano, Switzerland — Timex Group B.V. and Gianni Versace S.p.A. announced that Timex will buy Versace S.A., the current watch, jewelry and writing instrument licensee of Gianni Versace S.p.A., Versace Group's parent company.

For Timex, the purchase provides a gatway the luxury market. For Gianni Versace S.p.A. the deal represents a key step in joining forces with a world market leader to develop Versace's watch and jewelry lines.

Versace S.A. will be renamed as a result of the acquisition. There are no plans to relocate the company or reduce its existing workforce. The provisions of the license agreement allow the Timex Group to manufacture and distribute watches, jewelry and writing instruments bearing the Versace trademark.

“We've been in the timekeeping business for more than 150 years,” says Joe Santana, a President and CEO of Timex Group B.V. “While we certainly use our resources to enhance the business, the change in ownership will take place in a manner that will not disrupt any existing distributors or retailers of the products of Versace S.A.”

“In Timex, we've found a partner that is uniquely qualified to realize and enhance the brand's potential within timepieces and jewelry categories,” says Giancarlo di Risio, CEO of Gianni Versace S.p.A. “This deal allows the Versace Group to continue developing the brand's largely untapped potential in the watch industry through a licensing partnership with Timex Group.”

The Timex Group of companies, with operations in 20 countries and sales in more than 60 countries, is one of the largest designers, manufacturers, marketers and distributors of watches in the world. Founded in 1978, Versace is one of the world's leading fashion houses. The Italian parent company of the Versace Group, Gianni Versace S.p.A., designs, markets and distributes, directly or through licensing, luxury clothing, accessories, fragrances, makeup, home furnishings, eyewear.

Source : National Jeweler Daily News

www.nationaljeweler.com

(Please Credit europastar.com)