Binda Group to Merge with Geneva Watch

Binda Group to Merge with Geneva Watch
September 05, 2008

Milan, Italy-based Binda Group has acquired Advance Watch Group Ltd.--also known as Geneva Watch Group--from Boston-based private-equity firm Heritage Partners, according to Dnrnews.com. The cost of the acquisition was not disclosed. Once merged, the timepiece and jewelry firm will be a $650 million-plus business. Jeff Gregg, CEO of Geneva Watch Group, will remain in his post, reporting to Gianni Pieraccioni, Binda Group's managing director. Marcello Binda, co-CEO of Binda Group, said the acquisition allows the group to "further strengthen its international presence and share competencies with a successful U.S. company." Geneva's brand portfolio includes licenses for Kenneth Cole, Tommy Bahama, Betsey Johnson, BCBG Max Azria, Ted Baker London, Mexx, Speedo and Freestyle.

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