The Swatch Group, the world’s largest watch manufacturer, has announced the acquisition of an important stake in the Rivoli Group, a leading lifestyle luxury goods retailer in the Gulf Cooperation Council region, which operates 245 retail outlets. The partnership is geared to support Rivoli’s regional expansion strategy including penetration of Saudi Arabia and India.
Rivoli is a private retail company that incorporates a diverse portfolio of international luxury brands and includes an extensive retail network in the UAE, Bahrain, Oman and Qatar.
The Swatch Group is the world's largest watch manufacturer with over 19 brands, ranging from luxury and prestige watches including Breguet to the basic range including Swatch. The Group operates over 160 factories in Switzerland and a staff of 23,000 worldwide. Last year, Swatch Group’s turnover reached 6 billion Swiss Francs.
Nayla Hayek, Member Board of Directors of the Swatch Group, said: “Our investment in Rivoli cements the long-term partnership we have shared for over two decades and will be not only beneficial to both parties but also to the consumer in the region. The GCC region is one which possesses high growth potential and with this partnership we plan not only to tap into the opportunities that the region offers but also to increase the service to the consumer.”
Commenting on the new partnership, Rivoli Group’s Managing Partner, Ramesh Prabhakar, said: “This investment serves to further strengthen our ties with Swatch Group whom we have worked alongside over the years. We are delighted that the Swatch Group has chosen to be a part of Rivoli’s success story and this partnership will enable us to expand our retail network and enter new and important markets where the demand for luxury watches remains high.”
By: Rachel Lieberman, Israel Diamond Industry Portal