RICHEMONT, the luxury goods group behind Cartier, Jaeger-LeCoultre and IWC, has snapped up Swiss watch parts maker Varin-Etampage and Varinor (VVSA) for an undisclosed sum.
VVSA, a long-term partner of Richemont, makes metal parts for high-end watches and jewellery.
Richemont said it would benefit from VVSA’s “established technical know-how and state-of-the-art equipment”.
The company’s management team will stay in place and continue to serve other existing clients, Richemont added in a statement, and its 250 employees are expected to remain on board.
The transaction will have no significant impact on Richemont’s net assets or profitability for the current financial year.
Swiss-listed shares in Richemont closed two per cent higher at SFr58.65, outperforming Switzerland’s stock index.
City A.M. Reporter