News On 25 February this year, the Gucci Group announced the sale of Bedat & Co, which employs around twenty people, to Luxury Concepts Watches Jewellery Sdn Bhd, a brand management company based in Malaysia, in partnership with Vivianne Fankhauser, currently CEO of the Geneva based watch manufacturer. The Gucci Group acquired Bedat & Co in December 2000 as a young, single-product niche market in the luxury watch sector.
According to Robert Polet, chairman and CEO of the Gucci Group, "the agreement we have signed with Luxury Concepts and Viviane Fankhauser represents good business for all parties concerned. Since its acquisition, Bedat & Co has developed particularly well in the United States and Asia, while not however attaining the level of performance we were expecting within our group. The fact of joining Luxury Concepts and benefiting from its expertise in the niche market of prestige watch distribution in Eastern Asia means that Bedat & Co is well placed to become an important player on these markets."
Meanwhile Frank Low, CEO of Luxury Concepts, noted: "I’m enthusiastic about the opportunities that are opening up for Bedat & Co and am delighted that we can count on the brand’s strong points to further develop its potential."
March 06, 2009