Swatch Group takes over Rivoli Investments LLC
Nov 25, 2013
Swatch Group announced today that it has increased its stakein the Dubai-based company Rivoli Investments LLC. The company now has control of Rivoli. Swatch Group raised its existing 40 percent equity stake in the company, which was held via its subsidiary Technocorp Holding Ltd.
Rivoli runs over 360 retail businesses that are active in the watch segment throughout the Middle East. Rivoli stores have been selling Swatch watches in the region for a period of time and boosts over 1,500 employees.
Swatch Group previously acquired the fine jewelry and watch unit from Harry Winston in an estimated one billion dollar deal beginning this year.