The Gucci Group has sold Swiss watch brand Bedat & Co to Luxury Concepts Watches & Jewellery in partnership with acting-CEO of Bedat & Co, Viviane Fankhauser.
Bedat & Co will continue to design, market and sell luxury Swiss watches under its own brand.
Announcing the decision to sell Bedat & Co, Gucci Group president and CEO Robert Polet said the agreement was “a good deal for all parties concerned”.
“Since its acquisition (in December 2000), Bedat & Co developed particularly in the US and Asia, however, it didn’t reach the level of performance we were expecting,” he said.
“Joining Luxury Concepts with its expertise in distributing niche high-end watches in East Asia, Bedat & Co is set to become a strong player in their markets.”
Luxury Concepts CEO Frank Low said he was excited at the opportunities that lie ahead for Bedat & Co.
“I 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,” he said.
Viviane Fankhauser said the new ownership deal was “a great opportunity for Bedat & Co to work with Luxury Concepts in order to continue to address a refined clientele who values the discrete sophistication of quality”.
“The recipe stays unchanged, our timepieces will always be alike those who shape them: imbued with sincerity and emotion.”