Joint Venture Agreement
Joint Venture Agreement between Swatch Group and Saleh Mohammad Alzouman Sons Co. Ltd. Saudi Arabia
The Swatch Group Ltd and Saleh Mohammad Alzouman Sons Co. Ltd. (Kingdom of Saudi Arabia) announced that The Swatch Group Ltd through its affiliate Technocorp Holding Ltd has taken a 33.3% participation of the total share capital of 60 million Saudi Riyals of the Alzouman General Trading Co. Ltd. in Jeddah (Saudi Arabia).
Alzouman General Trading Co. Ltd., a company of the Alzouman Group Saleh Mohammad Alzouman Sons Co. Ltd., distributes Swatch and Flik Flak brands, mainly throughout its own stores at prime retail locations in Saudi Arabia. Mr. Mohammad Saleh Alzouman, Chairman and CEO, and Mr. Abdullah Saleh Alzouman, Deputy Chairman and COO, will continue to manage the company and develop the activities of the two brands.
The Alzouman General Trading Co. Ltd. has its head office in Jeddah and branch offices in Riyadh and Al Khobar. The company successfully operates over 100 Swatch stores throughout the country (Riyadh, Jeddah, Mecca, Medina, and Dammam, among others).
A long term partner to the Swatch Group, the Alzouman family has developed and expanded the retail activities for the Swatch and Flik Flak brands in Saudi Arabia since 1993. The Swatch Group participation in the Alzouman General Trading Co. Ltd. reflects the good relationship between the two partners and will open additional opportunities to further develop retail activities in Saudi Arabia.
Saleh Mohammad Alzouman Sons Co. Ltd. was established in 1964 by Late Mr. Saleh Mohammed Alzouman which, apart from its dominant position in watch retailing industry, has a diversified profile in industries such as aviation, education and real estate.
Related news
Elections to the Board of Directors at the next Ordinary General Meeting
Swatch Group proposes to the next Ordinary General Meeting of Shareholders on 8 May 2024 the re-election of all the members of its Board of Directors and the election of Marc A. Hayek as a new member of the Board. Marc A. Hayek has been a member of the Management Board since 2005 and is CEO of Blancpain. Marc A. Hayek is also President of the…
Swatch Group: Key Figures 2023
Net sales up by 12.6% at constant exchange rates, or 5.2% at current rates to CHF 7 888 million. Sales growth of over 8% in the fourth quarter in local currencies. Despite huge exchange rate impacts, the Watches & Jewelry segment (including Production) achieved the same strong operating margin of 17.2%. Operating profit of CHF 1 191…
Swatch Group welcomes UK court decision against Samsung watch faces
Swatch Group today won a milestone trade mark case against Samsung in the UK. Last year, Mrs Justice Falk held that Samsung had infringed trade marks belonging to a number of well-known Swiss watch brands of the Swatch Group including amongst others Omega, Tissot, Longines and Swatch. Today, in the Court of Appeal in London, in a case which…