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.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM