One of Switzerland's most fabled watch brands is reportedly about to change majority owners.
Private equity firm CVC is considering offloading part of its controlling stake in Breitling, «Bloomberg» reported. Breitling is an 137-year-old Swiss watchmaker whose timepieces are aimed at the upper end of the mid-market luxury segment.
The Grenchen-based firm was family-controlled until CVC entered the ring four years ago – reportedly for more than 800 million euros ($950 million). Run by former Richemont executive George Kern, it doesn't publicly disclose its financial statements.
Major Luxury Firm?
CVC wants a long-term partner for Breitling as opposed to another buyout firm like itself, the news outlet reported. CVC's partial retreat raises the specter that a big luxury house like LVMH, Swatch Group, or Richemont may win a piece of Breitling.
Audemars Piguet, still based in Le Brassus in Switzerland's Vallée de Joux, and Patek Philippe are among the few Swiss watchmakers still independently owned and run. Breitling's sale process, reportedly being organized by Rothschild & Co, comes against the backdrop of a pick-up in luxury watch sales, following a pandemic-induced dip last year.
