The Swatch Group Ltd. strengthens its production activities in the luxury watch segment

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Biel / Bienne and La Chaux-de-Fonds (Switzerland), January 21, 1999 – The Swatch Group Ltd. has acquired the total shares of Favre & Perret, La Chaux-de-Fonds .

Favre & Perret SA was founded more than hundred years ago. It has acquired an excellent reputation as producer of high-quality watch cases in noble metals for the Swiss luxury watch industry. It is one of the last watch case manufacturers in the upper market segment. Its range of activities unites all the professions necessary to the manufacturing of a watch case – from the foundry to the final polishing. Favre & Perret is in every respect a sound company. Its gross sales amounted to some 20 million Swiss francs in 1998. The company employs around 80 persons in La Chaux-de-Fonds (Switzerland) and in a sales and design office in Geneva (Switzerland). With this acquisition, another step has been taken towards the expansion of the industrial basis of the Swatch Group in the upper market segment. This move is in perfect harmony with the expansion strategy of the Group.

Mr. Pierre Breney has sold his shares for reasons of succession, thus ensuring the know-how of the company and its continuity. Mr. Breney will follow the development of this watch case manufacturer within the Swatch Group as an active member of the Board. Mr. Andreas Bischof will remain responsible for the management of the company, thus ensuring a smooth transition of activities in respect to deliveries being on time. The present management as well as all the employees will remain in place.

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The Swatch Group Ltd. strengthens its production activities in the luxury watch segment