Titan Industries Ltd., a lifestyle and jewelry company owned by Tata Group, agreed to acquire Swiss watch brand Favre Leuba for up to $2.7 million (EUR 2 million) to expand its product portfolio.
”The strategic rationale behind the acquisition is to complement and strengthen the existing watch brand portfolio of the company with a Swiss heritage brand,” Titan explained.
Titan sells its jewelry under Tanishq, Goldplus and Zoya brands, while its eyewear brands include Titan, Eye+ and Dash. It sells watches under the Titan, Xylys, Sonata and Fastrack brands and also has a precision engineering division.
The acquisition, when completed, will provide the company with global rights to the trademarks of Favre Leuba brand, Titan said.
Favre Leuba, created in Switzerland in 1737, has a rich history in international markets, including in India.
Titan’s stock was 2.1 percent higher at INR 210.40 per share in midday trading Wednesday on the Bombay Stock Exchange.