Swatch acquires key Rivoli stake
Dubai, July 23, 2008
The Swatch Group, a leading watch manufacturer, said it has acquired a strategic stake in the Rivoli Group, one of the leading lifestyle luxury goods retailers in the GCC region which operates over 245 retail outlets.
The strong partnership will support Rivoli’s regional expansion strategy including its entry into the Kingdom of Saudi Arabia and India, said a Swatch official.
Headquartered in Dubai, Rivoli is a private retail company with a diverse portfolio of international luxury brands and an extensive retail network in the UAE, Bahrain, Oman and Qatar.
The Rivoli Group has built a strong reputation as a leading luxury retailer and now operates over 245 retail outlets. Rivoli is a portfolio company of Dubai International Capital.
Swatch has over 19 brands going from the luxury and prestige segment with Breguet to the basic range.
with over 161 factories in Switzerland (23,000 people worldwide), Swatch delivers movements apart from the own brands to the whole Swiss watch industry. Last year, its turnover was a record 6 billion Swiss Francs.
Nayla Hayek, member board of directors of the Swatch Group said: ’Our investment in Rivoli cements the long-term partnership we have shared for over two decades and will be not only beneficial to both parties but also to the consumer in the region.’
’Our association with Rivoli Group has broadened strongly throughout this period to include the representation and retail of the spectrum of our watch brands in the UAE. The GCC region is one which possesses high growth potential and with this partnership we plan not only to tap into the opportunities that the region offers but also to increase the service to the consumer.’
Commenting on the new partnership, Rivoli Group managing partner, Ramesh Prabhakar said: “This investment serves to further strengthen our ties with Swatch Group whom we have worked alongside over the years.’
’We are delighted that the Swatch Group has chosen to be a part of Rivoli’s success story and this partnership will enable us to expand our retail network and enter new and important markets where the demand for luxury watches remains high.’
’Swatch Group will assist us in achieving even greater success and we look forward to a fruitful and long-term relationship,’ he added.
Dubai International Capital, the international investment arm of Dubai Holding, acquired a significant stake in Rivoli Group in September 2007 and remains a committed long-term shareholder in the Group.
Sameer Al Ansari, executive chairman and chief executive officer of DIC, said: ’It is with great enthusiasm that we welcome the Swatch Group as shareholder and strategic partner in Rivoli and believe they will join us in providing the right backing for Rivoli’s exciting growth plans.’
’Swatch Group’s investment confirms our long-held confidence in Rivoli’s experienced management team and successful business model, both of which have been instrumental in the group’s impressive track record of growth,’ he added.-TradeArabia News Service
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