News Founded by Charles Robert in 1858, the watchmaking manufactory Minerva SA, in Villeret, was sold at the beginning of October to Richemont by the Luxembourg company GPP International. Specialising in the development and manufacture of top-of-the-range mechanical movements, it employs 22 people. In a press release, the Geneva based luxury group points out that this transaction will have no impact on profitability for the current financial year ending in March 2007.
"We have always manufactured mechanical movements, even for others, but for six years we’ve chosen to produce only for our own needs, under our Minerva brand name," said Dimitri Cabiddu to ats. The former, head of production at Minerva until the acquisition by Richemont, becomes the company’s Operations and Technical Manager.
A leading specialist in mechanical movements for chronographs, Minerva produces exclusively for the very top end of the market, manufacturing only a few hundred units each year. "Our production is governed by very strict quality criteria, everything is done by hand," added Dimitri Cabiddu. The least expensive of its products sells for between 10,000 and 15,000 francs. Structured to produce small quantities, it is expected to work in particular for Vacheron Constantin and Lange & Söhne, two prestigious companies belonging to Richemont.
October 24, 2006