Geneva Watch Group

Geneva Watch Group is a Binda Group's company.

History

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.,[1] the U.S. watch and clock manufacturer doing business as Geneva Watch.[2][3] 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).[3] The company will be headed by Jeff Gregg, who will report to Gianni Pieraccioni, Binda Group managing director.[4]

See also

External links

References

  1. ↑ Advance Group Inc. website
  2. ↑ "The Italian Binda Group acquires US Geneva Watch Group" (PDF). Binda Press Release. 2008-09-04.
  3. ↑ 3.0 3.1 "The Binda Group acquired US Geneva Watch Group". Binda.
  4. ↑ "Binda Group acquires Geneva Watch Group". National Jeweler Network. 2008-09-05.