Swiss luxury watchmaker Breitling AG is making its first major acquisition, buying Universal Genève in an attempt to revive a brand that has faded since its heyday decades ago.
This content was published on
3 minutes
Bloomberg
The deal marks a turning point for Breitling, which jumped into the top 10 Swiss watch companies by sales in 2022 and is known for aviation-themed chronographs such as the Navitimer, as it becomes a watchmaking group. The company, controlled by Swiss private equity firm Partners Group Holding AG, has been revived under Chief Executive Officer Georges Kern.
Kern, in an interview, said Breitling will hire a team of designers and executives to run Universal Genève as a separate entity. There are plans to bring back famous models such as the Gerald Genta-designed Polerouter as well as the Compax sports watch, which was popular in the 1960s and ‘70s.
Once one of the most famous and popular Swiss brands, Universal Genève, like many mechanical watchmakers, ran into financial difficulties during the quartz crisis in the 1980s. It has been owned by Hong Kong-based and listed Stelux Holdings International since 1989.
The sale price was about 60 million Swiss francs, to be paid over five years, according to a corporate filing by Stelux.
The acquisition of Universal Genève will give Breitling its second major brand. It competes against conglomerates such as Swatch Group AG and Richemont, each of which owns about 10 timepiece brands. Rolex, the top Swiss watchmaker by sales, also owns the Tudor marque.
Kern told Bloomberg in 2022 that Breitling was considering acquiring other watch brands that could also be revived.
This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles. You can find them here.
If you want to know more about how we work, have a look here, and if you have feedback on this news story please write to english@swissinfo.ch.
External Content
Your subscription could not be saved. Please try again.
Almost finished… We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.
Popular Stories
More
Banking & Fintech
UBS releases ‘hundreds’ of staff in fresh wave of job cuts
Should Switzerland take measures to support its struggling industries?
Industrial policies are back in fashion, not only in the United States but also in the EU. Should Switzerland, where various industries are struggling, draw inspiration from such policies?
Over 6,000 Swiss companies go bankrupt but start-ups see growth
This content was published on
Switzerland recorded a spike in bankruptcies last year, but there was also a rise in new start-ups. Trends varied significantly by region and sector.
Basel greenlights funding for Eurovision Village 2025
This content was published on
MCH Group Ltd. is set to receive CHF1 million ($1.1 million) for the Eurovision Village at the Eurovision Song Contest 2025 in Basel.
Geneva researchers discover potential for targeted cancer drug delivery
This content was published on
Researchers in Geneva have discovered how some bacteria inject dangerous enzymes into cells, potentially enabling targeted drug delivery to cancer cells.
Macron denies involvement in Nestlé Waters scandal
This content was published on
French President Emmanuel Macron denied any “agreement” or “collusion” with the Swiss company Nestlé over the bottled water scandal on Tuesday.
UBS has cut 10,000 jobs since Credit Suisse takeover in 2023
This content was published on
UBS Group has cut more than 10,000 roles since it bought Credit Suisse, marking a milestone in the lender’s efforts to integrate its former rival.
Swiss multinational SGS to move HQ from Geneva to Zug
This content was published on
The Swiss multinational SGS, the world’s leading testing, inspection and certification company, plans to move its headquarters from Geneva to canton Zug in central Switzerland.
Swiss army takes part in international tank competition
This content was published on
Around 20 Swiss army personnel and two Leopard 2 tanks are taking part in an international tank competition in Grafenwöhr, Germany, this week.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.