Tuesday, February 24, 2009
GUCCI GROUP N.V. AGREES TO SELL BEDAT & CO
Amsterdam, 25 February 2009 -Gucci Group N. V., one of the world’s leading multi brand luxury goods companies, today announces that it has signed a definitive agreement for the sale of Bedat & Co, the Geneva-based Swiss watchmaker, to Luxury Concepts Watches & Jewellery Sdn Bhd, the Malaysia-based brand management company, in partnership with Viviane Fankhauser, current acting-CEO of Bedat & Co.
Bedat & Co will continue to design, market and sell luxury Swiss watches under the Bedat & Co brand.
Gucci Group acquired Bedat & Co in December 2000 as a niche young monoproduct brand in the luxury timepiece business.
Robert Polet, President and CEO of Gucci Group said: “Together with LuxuryConcepts and Viviane Fankhauser we have reached a good deal for all parties concerned.Since its acquisition, Bedat & Co developed particularly in the United States and Asia, however, it didn’t reach the level of performance we were expecting. Joining LuxuryConcept with its expertise in distributing niche high-end watches in East Asia, Bedat & Co is set to become a strong player in theirmarkets.”
Frank Low, CEO of LuxuryConcepts said: “I am excited at the opportunities that lie ahead for Bedat & Co. and am delighted that we will be able to build upon the legacy that has been created at the brand and to develop its potential further.”
About Gucci Group
Gucci Group N.V. is one of the world’s leading multi-brand luxury goods companies. Through the brands Gucci, Yves Saint Laurent, Bottega Veneta, Alexander McQueen, Balenciaga, Boucheron, Sergio Rossi, Stella McCartney, the Group designs, produces and distributes high-quality personal luxury goods, including ready-to-wear, handbags, luggage, small leather goods, shoes, timepieces, jewellery, ties and scarves. Also, under license from global industry leaders, eyewear and fragrances, cosmetics and skincare products. The Group directly operates stores in major markets throughout the world and wholesales products through franchise stores, duty-free boutiques and leading department and specialty stores. Gucci Group is owned by PPR, a global player in retail and luxury goods. Shares in PPR are traded on the Euronext Paris (# 121485, PRTP.PA,PPFP).
LuxuryConcepts (www.luxuryconcepts.com.my) is a specialist brand management company established in 2005 and focusedon introducing and managing highly specialized watch and jewellery brands to the East Asian market. The company currently operates fourindividual brand concept boutiques in Starhill Gallery Kuala Lumpur, including a dedicated Bedat & Co. boutique. The company is governed by the laws of Malaysia.
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