Swatch acquires Rivoli stake

STRATEGIC STAKE: Swatch has acquired a stake in Rivoli that will help fund the Dubai retailers regional expansion. (Getty Images)

Swiss watchmaker the Swatch Group has acquired stake in Dubai-based luxury retailer the Rivoli Group, the companies said on Wednesday.

The investment by Swatch, the world’s largest watch manufacturer, will help fund Rivoli’s entry into Saudi Arabia and India, the companies said.

Ramesh Prabhakar, Rivoli managing partner, said in a statement the partnership “will enable us to expand our retail network and enter new and important markets where the demand for luxury watches remains high”.

The financial details of the deal were not disclosed.

Dubai International Capital, the investment arm of state-owned Dubai Holding, acquired a significant stake in Rivoli Group in September last year.

Privately-held Rivoli operates in the UAE, Bahrain, Oman and Qatar and has over 245 retail outlets.

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