International Swiss watch company the Dreyfuss Group has been acquired by investment firm China Haidian Holdings.
The Hong Kong-listed investment company acquired 100 per cent of the share capital from current owners, the Dreyfuss family, who have owned the business since 1895.
The group is comprised of Rotary, Dreyfuss & Co and J&T Windmills brands.
China Haidian’s board said it was looking for a profitable, Swiss-made, mid-market brand group to add to its existing portfolio and to leverage the company’s impressive distribution network in PRC. China Haidian already owns two of the top four watch brands in China.
Robert Dreyfuss, executive chairman of the Dreyfuss Group, said: “This is excellent news for the future of the Dreyfuss Group. This transaction marks the beginning of an exciting new chapter in the group’s long history.
“Our new owners recognise, respect and share the same family values that have underpinned our success to date and together we will ensure that my great-grandfather’s legacy lives on.”
Following the acquisition, the Dreyfuss Group management team will remain with the business to oversee the next stage of growth and to build on the strong results recently achieved. The business has experienced strong sales growth driven by international sales especially in Asia, where it has grown its presence from zero to 400 retail outlets in 18 months.