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Binda Group acquires Geneva Watch Group

September 05, 2008

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Milan, Italy—The Binda Group, the Italian owner and distributor of such watch brands as Breil Milano and Wyler Geneve, has expanded its portfolio through the acquisition of U.S. watch and clock manufacturer Geneva Watch Group.

Through the acquisition, the Binda Group aims to reach total annualized sales revenues in excess of $665 million in 2008, the company said in a media release.

Among the brands the Binda Group will add to its portfolio are Kenneth Cole, currently one of the top fashion watch brands in the United States in terms of market share, and Freestyle, a sports watch brand that is popular among West Coast surfers.

An expanded portfolio of U.S. brands means the Binda Group will significantly strengthen its presence in the North American market. The group forecasts annual sales revenues in the United States in excess of $200 million for the current calendar year.

In addition to the U.S. operations of Geneva Watch, the Binda Group will also incorporate production units in the Far East, with around 1,200 employees and 300 quality-control specialists.

Geneva Watch will be helmed by newly appointed Chief Executive Officer Jeff Gregg, previously chief operating officer and chief financial officer of Geneva Watch. Gregg will report to Gianni Pieraccioni, Binda Group managing director.
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