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Investing.com -- LVMH’s watch division has acquired a minority stake in Swiss manufacturer La Joux-Perret, the companies announced Wednesday.
The luxury conglomerate’s watchmaking unit, which includes brands such as Hublot, TAG Heuer, and Zenith, made the investment as part of a long-term strategy to strengthen relationships with industrial partners.
Financial details and the exact size of the stake were not disclosed.
The acquisition reinforces LVMH’s presence in Switzerland’s watchmaking industry, where it currently operates 16 manufacturing facilities.
Despite the investment, La Joux-Perret will maintain full independence, according to the joint statement. Citizen Group, which owns La Joux-Perret and manages other watch brands, will continue to operate all brands in its portfolio independently.
LVMH praised La Joux-Perret’s capabilities, stating: "Their technical mastery, industrial excellence, and deep roots in the Swiss watchmaking landscape make it an ideal partner for our watchmaking Maisons."
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