EBEL Sold to a Consortium Led by F.P. Journe and Chanel

Movado Group has announced the sale of a 95% interest in the Swiss watch brand EBEL to a consortium led by Geneva-based Montres Journe SA, the company behind F.P. Journe, for $66.5 million. Chanel is also part of the investor group; Movado will retain a 5% minority stake once the deal closes.

Pierre Jacques, formerly CEO of De Bethune, will take over as EBEL’s chief executive after closing. F.P. Journe founder François-Paul Journe said the brand “has always stood for exceptional product,” while Movado Group Chairman and CEO Efraim Grinberg said the company looks forward to supporting the buyer group through the transition period.

Founded in 1911 in La Chaux-de-Fonds, Switzerland, EBEL passed through Investcorp and LVMH before coming under Movado Group’s ownership in the early 2000s. Under the agreement, trademarks, intellectual property, inventory and certain other assets — including the Le Corbusier-designed Villa Turque — will move to a newly formed Swiss subsidiary.

The binding agreement is expected to close within the coming months, with Movado providing transition services to EBEL afterward.