News The Richmont group, the world’s number two producer of luxury products, has just acquired a 20% stake in the share capital of watch manufacturer Greubel Forsey, based in La Chaux-de-Fonds. "This holding follows on logically from many years of cooperation. For us, it’s a form of recognition of work accomplished. However the transaction also allows us to place the brand on a secure footing for the future," explained Robert Greubel, who is from Alsace and is co-founder of the firm with Britain Stephen Forsey.
Active in the segment of exclusive timepieces, Greubel Forsey has acquired for itself a welcome breathing space and the means to develop, particularly on international markets. The firm will also benefit from fast-track introductions to some of the Geneva group’s retailers. This transaction will also speed up the building of a new production site. The structure is expected to accommodate all six of the workshops currently dispersed throughout the city of Geneva. "We are already holding discussions with the authorities to purchase some land," points out Robert Greubel.
Greubel Forsey employs around thirty people directly, as well as a dozen at Complitime – which is unaffected by the financial transaction. The company produces between 20 and 30 very complicated watches each year, retailing at an average price of around 400,000 francs. The SME has managed to carve out a place for itself in the luxury market thanks in particular to an inclined double tourbillon and a quadruple tourbillon with differential. (Le Temps)
November 21, 2006