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Gucci Group to sell Bedat and Co.

February 26, 2009

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Amsterdam--Gucci Group has announced that it has signed an agreement to sell Swiss watch brand Bedat and Co. to Luxury Concepts Watches and Jewellery, a Malaysia-based brand management company.

The agreement was made in partnership with Viviane Fankhauser, current acting chief executive officer of Bedat and Co., which will continue to design, market and sell luxury Swiss watches under the Bedat and Co. brand.

Gucci Group, one of the world's leading multi-brand luxury goods companies, acquired Bedat and Co. in December 2000 when it was a young, niche single-product brand in the luxury timepiece business.

"Together with LuxuryConcepts and Vivian Fankhauser we have reached a good deal for all parties concerned," Gucci Group President and CEO Robert Polet said in a media release issued Wednesday. "Since its acquisition, Bedat and 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 Asia, Bedat and Co is set to become a strong player in their markets."

LuxuryConcepts was established in 2005 and has since been focused on introducing and managing highly specialized watch and jewelry brands, such as Franc Vila and Armand Nicolet, to the East Asian market.

"I am excited at the opportunities that lie ahead for Bedat and 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," LuxuryConcepts CEO Frank Low said in the release.
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