Wednesday, 17th November 2004 (4511 views)

The Timex Group has announced that it is to purchase the watch, jewellery and writing instrument subsidiary of Versace.

As a result of the deal, Timex hopes to gain a way into the luxury market, whilst Gianni Versace hopes the move will help develop the company's products.

Giancarlo di Risio, CEO of Gianni Versace told National Jeweler: "In Timex, we've found a partner that is uniquely qualified to realize and enhance the brand's potential within timepieces and jewellery categories.

"This deal allows the Versace Group to continue developing the brand's largely untapped potential in the watch industry through a licensing partnership with Timex Group."

The Versace business will be renamed as part of the deal, but there are no plans to reduce the company's workforce or change its location.

Under the agreement, Timex Group will be allowed to manufacture and distribute watches and jewellery under the Versace trademark.

 

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