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Richemont sold a minority stake in Greubel Forsey SA, a maker of extremely intricate Swiss watches that start at $200,000, to its founders and chief executive officer.
Founders Robert Greubel and Stephen Forsey, along with chief executive officer Antonio Calce, are now the shareholders of the brand, Greubel Forsey said Thursday. Financial terms were not disclosed.
The buyout of the 20 percent stake underscores a trend by some high-end brands to seek full control of their production and design amid a surge in demand for exclusive timepieces.
Closely-held Swiss watchmakers including Rolex, Audemars Piguet, and Patek Philippe have gained market share from brands from Richemont and Swatch Group in recent years as consumers vie for limited supplies of rare watches.
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Richemont bought the stake in 2006, two years after the company was founded. Greubel Forsey is known for technically challenging models including a watch that had four tourbillons.
A spokesperson for the Swiss luxury-goods conglomerate confirmed the sale.
Learn more:
The State of Fashion: Watches and Jewellery Report — Bringing the Sparkle Back
The Business of Fashion and McKinsey & Company are pleased to present our State of Fashion Watches and Jewellery Report. Download the full report here.
