Swatch Group acquires majority stake in U.A.E. based luxury retailer RIVOLI
Technocorp Holding Ltd., a Swatch Group company, is increasing its stake in Dubai-based retail group Rivoli Investments LLC by purchasing a tranche of shares and is thus taking control of Rivoli Investments LLC. Swatch Group previously held a 40% equity interest in Rivoli Investments LLC through its Technocorp subsidiary.
Rivoli operates a network of over 360 retail businesses in the Middle East, predominantly active in the watch segment. The company has a workforce of over 1500 employees. Rivoli shops have for a long time offered Swatch Group watch brands for sale in this region as well as watch brands of direct competitors such as: IWC and Jaeger LeCoultre (Richemont Group), Bvlgari and Zenith (LVMH)
Rivoli Group operates in franchising mono-brand stores of several luxury watch brands in the U.A.E: Jaeger LeCoultre, Zenith, Breguet, Longines, Omega.
Swatch Group also aims to increase its existing 9,1 percent stake in Hengdeli, one of the leading watch retailers in China. Hengdeli is currently the largest retailer in China for Swatch Group’s Omega and Rado.