Binda Group
| Type | Watch Maker |
|---|---|
| Industry | Watch manufacturing |
| Founded | 1906 |
| Headquarters | Milan, Italy |
| Key people |
Gianni Pieraccioni, Managing Director Marcello Binda, Binda co-CEO Simone Binda, Binda co-CEO Jeff Gregg, Geneva CEO |
| Products | Wristwatches, jewelry and leather accessories |
| Revenue |
 €297 Million (2007) |
| Employees | 2200[1] |
| Website | www.bindagroup.com |
The Binda Group is an Italian watch and jewelry company founded by Innocente Binda in 1906, headquartered in Milan and headed by brothers Marcello and Simone Binda, grandsons of the founder Innocente Binda. The company owns subsidiaries in eight countries (Italy, the United States, Brazil, the United Kingdom, Germany, Spain, Portugal and China) and has 50 distributors, serving more than 12,000 retailers worldwide.
Organization
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Binda's three main business units are watches, jewelry and leather. It produces and distributes its own brands, including several companies. The group also licenses watch and jewelry brands from Dolce & Gabbana with brands D&G Time and D&G Jewels, from Moschino with brands Moschino CheapAndChic and Love Moschino, from Ducati Corse and from Nike. In 1997, Binda acquired the distribution rights to Seiko and Lorus for the Italian market. It also distributes Paris Hilton watches in Italy and upscale Glam Rock watches in the United States, Canada and Italy.
Binda operates in more than 70 markets with approximately 400 employees worldwide, and ended 2007 with consolidated revenues of €297 million and sales of approximately 5 million pieces. Its watches include those made in the Far East, retailing under $100 (75 euros), Swiss-made ones, averaging about $1,400 (1,000 euros), and complicated tourbillon watches, retailing above $184,000 (130,000 euros).[2] Breil Milano’s two brand ambassadors are Oscar-winning actress Charlize Theron and movie star Edward Norton.[2]
Geneva Watch Group
On September 4, 2008, the Binda Group entered an agreement with private equity firm Heritage Partners to acquire 100 percent of Advance Watch Group Ltd.,[3] the U.S. watch and clock manufacturer doing business as Geneva Watch.[4][5] Geneva Watch Group began producing timepieces in 1974 and is headquartered in New York. The company has around 1800 employees worldwide, split between locations in the US (300 in New York and Michigan) and the Far East (1500 in Hong Kong and China). The company makes and distributes its own surfer brand (Freestyle) and also licenses brands from Kenneth Cole, Tommy Bahama, Betsey Johnson, BCBG, Ted Baker, Mexx, Speedo, Elgin, Thomas Kinkade and Mudd Jeans.
During the year ending March 2008, Geneva recorded net revenues of US$192 million, and sold around 25 million watches. With the acquisition, Binda expects 2008’s total sale revenues to reach €450 million euros ($665 million).[5] The company will be headed by Jeff Gregg, who will report to Gianni Pieraccioni, Binda Group managing director.[6]
Subsidiaries
The following companies are wholly owned subsidiaries of Binda Group:
- Breil (company)
- Wyler Genève
- Hip Hop (company)
- Cronotech
- Details (company).
External links
References
- ↑ http://www.bindagroup.com/CORPORATE/pressrelease.asp?ID=71
- ↑ 2.0 2.1 "Binda Acquires Geneva Watch Group". Jewelers' Circular Keystone. 2008-09-10.
- ↑ Advance Group Inc. website
- ↑ "The Italian Binda Group acquires US Geneva Watch Group". Binda Press Release. 2008-09-04.
- ↑ 5.0 5.1 "The Binda Group acquired US Geneva Watch Group". Binda.
- ↑ "Binda Group acquires Geneva Watch Group". National Jeweler Network. 2008-09-05.