Swatch buys stake in Rivoli

Watch manufacturer Swatch yesterday announced the acquisition of a stake in GCC luxury goods retailer Rivoli.

"Our investment in Rivoli cements the long-term partnership we have shared for over two decades and will be not only beneficial to both parties but also to the consumer in the region," said Nayla Hayek, a Swatch Group director.

"The GCC possesses high growth potential and with this partnership we plan not only to tap into other opportunities that the region offers but also to increase the service to the consumer."

Dubai-based Rivoli is a private retail company with a diverse portfolio of international luxury brands and an extensive retail network in the UAE, Bahrain, Oman and Qatar. The group has built a strong reputation as a leading luxury retailer and has more than 245 outlets.

The Swatch Group is one of the world's largest watch manufacturers with more than 19 brands ranging from Breguet in the luxury and prestige segment to the basic Swatch models. It has more than 161 factories in Switzerland and 23,000 employees worldwide. Group turnover last year was a record six billion Swiss francs (Dh21.3bn).

Ramesh Prabhakar, Rivoli Group's Managing Partner, said: "We are delighted that Swatch Group has chosen to be a part of Rivoli's success story and this partnership will enable us to expand our retail network and enter new markets where the demand for luxury watches remains high. Swatch Group will assist us in achieving greater success and we look forward to a fruitful relationship."