Industry consolidation: Difference between revisions

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==The Rise of Brands==
==The Rise of Brands==
 
===[[1886]]===
* [[Rodolphe Uhlmann]] of [[La Chaux-de-Fonds]] began using [[Colombia]], creating an early brand conflict
===[[1889]]===
===[[1889]]===
* May 27 - The [[Longines]] brand is registered in Switzerland by [[Longines|Ernest Francillon & Co.]] of [[Saint-Imier]], establishing the first "[[marque de fabrique déposée]]" in watchmaking. Francillon had marked movements with "Longines" since at least [[1869]].
* May 27 - The [[Longines]] brand is registered in Switzerland by [[Longines|Ernest Francillon & Co.]] of [[Saint-Imier]], establishing the first "[[marque de fabrique déposée]]" in watchmaking. Francillon had marked movements with "Longines" since at least [[1869]].
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===[[1890]]===
===[[1890]]===
* The [[Diana]] brand is registered by [[Jeanneret|Alb. Jeanneret & Frères]], making this the first two-marque company. They would add [[Pigeon]] later that year and [[Excelsior]] in [[1894]].
* The [[Diana]] brand is registered by [[Jeanneret|Alb. Jeanneret & Frères]], making this the first two-marque company. They would add [[Pigeon]] later that year and [[Excelsior]] in [[1894]].
===[[1886]]===
* [[Rodolphe Uhlmann]] of [[La Chaux-de-Fonds]] began using [[Colombia]], creating an early brand conflict
===[[1893]]===
===[[1893]]===
* March 27 - The [[Longines]] brand is registered worldwide
* March 27 - The [[Longines]] brand is registered worldwide
===[[1893]]===
* The [[Zenith]] brand is registered
* The [[Zenith]] brand is registered
===[[1895]]===
* December 17 - The [[Société des Fabriques de Spiraux Réunies SA]] is founded as a [[cartel]] to control all production of [[balance spring]]s
===[[1898]]===
* July 29 - The [[Société Suisse des Spiraux]] is founded to compete with [[FSR]]
===[[1920]]===
===[[1920]]===
* [[Indicateur Davoine]] lists 58 Swiss watch brands
* [[Indicateur Davoine]] lists 58 Swiss watch brands
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==The Great Depression==
==The Great Depression==


A [[1930]] conference was held to consolidate and organize Swiss watchmaking. The following individuals were present, and represent the major voices in favor of consolidation at this time:
* [[Charles Berner]], [[Fabrique d'Ebauches de Peseux]]
* [[Eugen Bader]], [[Thommen]]
* [[Paul-Emile Brandt]] and [[Adrien Brandt]], [[Omega]]
* [[Sydney de Coulon]] and [[Maurice Robert-Tissot]], [[Fabrique d'Horlogerie de Fontainemelon]]
* [[Isidore Ditesheim]], [[Movado]]
* [[Ernest Dubois]], [[Stella]]
* [[Willy Graef]], [[Mimo]]
* [[Urs Haenggi]], [[IWC]]
* [[Louis Huguenin]], [[La Concorde]]
* [[Ernst Kottmann]], [[Langendorf Watch Company]]
* [[Leo Meyer]], [[Meyer & Studeli]]
* [[Louis Müller]], [[Société Suisse des Spiraux]]
* [[Jacques Nardin]], [[Doxa]]
* [[Hermann Obrecht]], [[Ebauches SA]]
* [[Georges Perrenoud]], [[Assortiments Perrinoud]]
* [[Alfred Pfister]], [[Longines]]
* [[Georges Schaeren]], [[Mido]]
* [[César Schild]], [[A. Schild]]
* [[Raphy Schwob]], [[Tavannes Watch]]
* [[Ernest Strahm]], [[Zénith]]
* [[Gustave Ulrich]], [[Fabrique Nationale de Spiraux]]
* [[Jean-Joseph Wyss]], [[UBAH]]
===[[1926]]===
* December 27 - [[Ebauches SA]] is formed
===[[1927]]===
===[[1927]]===
* The LeCoultre family form [[Société Anonyme de Produits Industriels et Commerciaux|Société Anonyme de Produits Industriels et Commerciaux (SAPIC)]] as a holding company for their watch interests, including the [[Le Sentier]] watchmaking operation that would become [[Jaeger-LeCoultre]]
* The LeCoultre family form [[Société Anonyme de Produits Industriels et Commerciaux|Société Anonyme de Produits Industriels et Commerciaux (SAPIC)]] as a holding company for their watch interests, including the [[Le Sentier]] watchmaking operation that would become [[Jaeger-LeCoultre]]
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* [[Indicateur Davoine]] lists 77 Swiss watch brands
* [[Indicateur Davoine]] lists 77 Swiss watch brands
===[[1931]]===
===[[1931]]===
* [[ASUAG]] is formed by [[Ebauches SA]], along with [[A. Schild]], [[FHF]], and [[AMSA]]
* August 14 - [[ASUAG]] is formed by [[Ebauches SA]] and [[FSR]] along with [[A. Schild]], [[FHF]], and [[AMSA]]
===[[1932]]===
===[[1932]]===
* September 5 - [[Fabriques d'Assortiments Réunies]] is founded
* October 24 - [[Fabriques de Balanciers Réunies]] is founded
* [[Gebrüder Schild & Co]] is divided into two parts within ASUAG: Watch production was reorganized as [[Eterna SA]] under General Watch Co., while the movement manufacture [[ETA|ETA SA Fabrique d'Ebauches (ETA)]] became part of [[Ebauches SA]]
* [[Gebrüder Schild & Co]] is divided into two parts within ASUAG: Watch production was reorganized as [[Eterna SA]] under General Watch Co., while the movement manufacture [[ETA|ETA SA Fabrique d'Ebauches (ETA)]] became part of [[Ebauches SA]]
* [[Fleurier Watch Co.]] is split, with movements going to [[Ebauches SA]]
* [[Fleurier Watch Co.]] is split, with movements going to [[Ebauches SA]]
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* [[Manzoni]], [[Moser]], and [[ED Kummer]] become part of [[Ebauches SA]]
* [[Manzoni]], [[Moser]], and [[ED Kummer]] become part of [[Ebauches SA]]
* [[Atlantic]] becomes part of ASUAG
* [[Atlantic]] becomes part of ASUAG
===[[1933]]===
===[[1933]]===
* [[Peseux|Peseux SA]] becomes part of [[Ebauches SA]]
* [[Peseux|Peseux SA]] becomes part of [[Ebauches SA]]
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* [[Economic Swiss Time Holding]] is formed as a federation of lower-priced Swiss watch manufacturers, including [[Agon]], [[Basis]], [[Buler]], and [[Ferex]]
* [[Economic Swiss Time Holding]] is formed as a federation of lower-priced Swiss watch manufacturers, including [[Agon]], [[Basis]], [[Buler]], and [[Ferex]]
===[[1968]]===
===[[1968]]===
* ASUAG creates [[Pierre Holding SA]] in [[Bienne]] for member manufacturers of watch [[jewel]]s
* November 22 - ASUAG creates [[Pierres Holding SA]] in [[Bienne]] for member manufacturers of watch [[jewel]]s
* [[Chronos Holding]] creates [[Synchron]], which includes [[Cyma]], [[Doxa]], and [[Ernest Borel]]
* [[Chronos Holding]] creates [[Synchron]], which includes [[Cyma]], [[Doxa]], and [[Ernest Borel]]
* [[SGT|Société des Garde-Temps SA (SGT)]] is founded, containing [[Elgin]], [[Fleurier Watch]], [[Invicta]], [[Sandoz]], and [[Waltham]]
* [[SGT|Société des Garde-Temps SA (SGT)]] is founded, containing [[Elgin]], [[Fleurier Watch]], [[Invicta]], [[Sandoz]], and [[Waltham]]
===[[1969]]===
===[[1969]]===
* The Favre family purchases [[SAPHIR]], bringing [[Jaeger-LeCoultre]] and [[Favre-Leuba]] together under [[SAPHIR Group]]
* The Favre family purchases [[SAPHIR]], bringing [[Jaeger-LeCoultre]] and [[Favre-Leuba]] together under [[SAPHIR Group]]
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* [[Indicateur Davoine]] lists over 1,400 European watch brands
* [[Indicateur Davoine]] lists over 1,400 European watch brands
===[[1971]]===
===[[1971]]===
* [[ASUAG]] begins the creation of [[General Watch Co.]] to manage production of complete watches. Seven companies are integrated, including [[Certina]], [[Edox]], [[Eterna]], [[Mido]], [[Oris]], and [[Technos]]. Later in 1971, General Watch Co. adds [[Longines]], owner of [[Record]] and [[Rotary]]
* February 18 - [[ASUAG]] begins the creation of [[General Watch Co.]] to manage production of complete watches. Seven companies are integrated, including [[Certina]], [[Edox]], [[Eterna]], [[Mido]], [[Oris]], and [[Technos]]. Later in 1971, General Watch Co. adds [[Longines]], owner of [[Record]] and [[Rotary]]
* [[Economic Swiss Time Holding]] is integrated into the [[SSIH]], including [[AGON]], [[Buler]], [[Continental]], and [[Ferex]]
* [[Economic Swiss Time Holding]] is integrated into the [[SSIH]], including [[AGON]], [[Buler]], [[Continental]], and [[Ferex]]


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* May 16 - [[Hamilton]] is absorbed into the [[SSIH]] after the [[Büren]] brand was retired
* May 16 - [[Hamilton]] is absorbed into the [[SSIH]] after the [[Büren]] brand was retired
* [[ASUAG]]'s [[General Watch Co.]] expands with five more brands acquired
* [[ASUAG]]'s [[General Watch Co.]] expands with five more brands acquired
===[[1977]]===
* January 1 - [[Nivarox SA]] is established
===[[1978]]===
===[[1978]]===
* [[Dixi Group]] purchases [[Movado-Zenith-Mondia]] from Zenith Radio Corp. [[Zenith]] and [[Movado]] become Zenith Movado Le Locle SA and [[Mondia]] is merged into [[Dixi]]
* [[Dixi Group]] purchases [[Movado-Zenith-Mondia]] from Zenith Radio Corp. [[Zenith]] and [[Movado]] become Zenith Movado Le Locle SA and [[Mondia]] is merged into [[Dixi]]
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* [[VDO]] sells 40% of [[SAPHIR Group]] (owner of [[Jaeger-LeCoultre]]) to [[Audemars Piguet]] to raise money and strengthen ties with that brand
* [[VDO]] sells 40% of [[SAPHIR Group]] (owner of [[Jaeger-LeCoultre]]) to [[Audemars Piguet]] to raise money and strengthen ties with that brand
===[[1987]]===
===[[1987]]===
* [[LVMH]] is formed as [[Louis Vuitton]] and Moët Hennessy are combined
* June - [[LVMH]] is formed as [[Louis Vuitton]] and Moët Hennessy are combined
* All watchmaking components under [[Ebauches SA]] are reorganized under [[ETA]]
* All watchmaking components under [[Ebauches SA]] are reorganized under [[ETA]]
* [[Investcorp]] acquires [[Breguet]] from [[Chaumet]]
* [[Investcorp]] acquires [[Breguet]] from [[Chaumet]]
* [[Investcorp]] floats [[Tiffany]] shares in an IPO
* [[Investcorp]] floats [[Tiffany]] shares in an IPO
* [[Investcorp]] purchases [[Chaumet]] out of bankruptcy amid a fraud case involving the Chaumet brothers
* [[Investcorp]] purchases [[Chaumet]] out of bankruptcy amid a fraud case involving the Chaumet brothers
===[[1988]]===
===[[1988]]===
* April 26 - [[Cartier Monde]] acquires 60% of [[Piaget]] and [[Baume & Mercier]]
* April 26 - [[Cartier Monde]] acquires 60% of [[Piaget]] and [[Baume & Mercier]]
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* Q1 - An internal audit recommends that Audemars Piguet divest of the 40% of Jaeger-LeCoultre it holds; Stephen Urquhart leaves Georges-Henri Meylan as sole CEO
* Q1 - An internal audit recommends that Audemars Piguet divest of the 40% of Jaeger-LeCoultre it holds; Stephen Urquhart leaves Georges-Henri Meylan as sole CEO
* Vendôme acquires Officine Panerai and Lancel
* Vendôme acquires Officine Panerai and Lancel
* November 26 - Richemont announces that it will the remaining 30% of Vendôme
* [[LMH]] is restructured into a holding company under [[Günter Blümlein]] with [[IWC]], [[Jaeger-LeCoultre]], and [[A. Lange & Söhne]] still operating independently
* November 26 - Richemont announces that it will buy the remaining 30% of Vendôme
* [[Movado Group]] begins producing [[Coach]] brand watches under license
* [[Movado Group]] begins producing [[Coach]] brand watches under license
===[[1998]]===
===[[1998]]===
* February 19 - [[SMH]] is renamed [[Swatch Group]] on [[Nicolas Hayek]]'s 70th birthday
* February 19 - [[SMH]] is renamed [[Swatch Group]] on [[Nicolas Hayek]]'s 70th birthday
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* [[Sowind Group]]'s Lorane Holding, owner of [[Girard-Perregaux]], buys the 45% of [[GP Manufacture]] owned by [[Bulgari]]
* [[Sowind Group]]'s Lorane Holding, owner of [[Girard-Perregaux]], buys the 45% of [[GP Manufacture]] owned by [[Bulgari]]
===[[1999]]===
===[[1999]]===
* February 4 - [[Vodafone]] acquires [[Mannesmann]] for $190 billion (the largest merger in history) and soon puts [[VDO]] (and [[LMH]]) up for sale
* January - [[Richemont]] begins divesting of Rothmans (tobacco)
* [[PPR]] and [[LVMH]] bid for [[LMH]]
* May - [[Richemont]] acquires part of [[Van Cleef & Arpels]]
* Richemont negotiates with Audemars Piguet to purchase their 40% share of Jaeger-LeCoultre for CHF 280 million
* June - [[Swatch Group]] acquires [[Léon Hatot]]
* July 21 - [[Richemont]] announces the acquisition of [[LMH]] for CHF 2.8 billion
* September 10 - [[PPR]] reaches an agreement with [[LVMH]] to acquire its 34% stake in [[Gucci]], ending a long battle for the company
* September 10 - [[PPR]] reaches an agreement with [[LVMH]] to acquire its 34% stake in [[Gucci]], ending a long battle for the company
* September 13 - [[LVMH]] acquires [[TAG Heuer]] for CHF 1.2 billion
* September 13 - [[LVMH]] acquires [[TAG Heuer]] for CHF 1.2 billion
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* October 20 - [[LVMH]] acquires [[Chaumet]] and [[Ebel]] from [[Investcorp]] for $460 million
* October 20 - [[LVMH]] acquires [[Chaumet]] and [[Ebel]] from [[Investcorp]] for $460 million
* November 15 - [[LVMH]] acquires [[Zenith]] from [[Dixi Group]]
* November 15 - [[LVMH]] acquires [[Zenith]] from [[Dixi Group]]
* [[Swatch Group]] acquires [[Léon Hatot]]
* [[Richemont]] acquires part of [[Van Cleef & Arpels]]
* [[Richemont]] begins divesting of Rothmans (tobacco)
* [[Movado Group]] begins producing [[Tommy Hilfiger]] brand watches under license
* [[Movado Group]] begins producing [[Tommy Hilfiger]] brand watches under license
===[[2000]]===
===[[2000]]===
* February 4 - [[Vodafone]] acquires [[Mannesmann]] for $190 billion (the largest merger in history) and soon puts [[VDO]] (and [[LMH]]) up for sale
* March - [[Bulgari]] makes it known that they are not interested in buying [[LMH]]
* April 25 - [[Swatch Group]] acquires [[Jaquet Droz]]
* April 25 - [[Swatch Group]] acquires [[Jaquet Droz]]
* May 15 - Mannesmann officially puts LMH up for sale in a press release
* June - Richemont and Audemars Piguet are rumored to put together a joint bid for LMH based on the 40% ownership of Jaeger-LeCoultre the latter already holds
* July - [[MSR]], one of the longest-lasting independent groups, declares bankruptcy and puts the [[Marvin]], [[Revue Thommen]], and [[Vulcain]] brands up for sale
* July 14 - The deadline for offers on LMH includes official bids from [[Gucci]]/[[PPR]], [[LVMH]], and [[Richemont]]/[[Audemars Piguet]]
* July 21 - [[Richemont]] announces the acquisition of [[LMH]] for CHF 2.8 billion, plus CHF 280 million to purchase Audemars Piguet's 40% share in Jaeger-LeCoultre
* October 9 - [[Swatch Group]] acquires [[Glashütte Original]] and [[Union Glashütte]]
* October 9 - [[Swatch Group]] acquires [[Glashütte Original]] and [[Union Glashütte]]
* December - [[Gucci]] acquires [[Boucheron]]
* December - [[Gucci]] acquires [[Boucheron]]
* July - [[MSR]], one of the longest-lasting independent groups, declares bankruptcy and puts the [[Marvin]], [[Revue Thommen]], and [[Vulcain]] brands up for sale
* [[LVMH]] recovers the [[Dior]] brand license
* [[LVMH]] recovers the [[Dior]] brand license


Latest revision as of 20:13, 3 July 2024

The watch industry has dramatically consolidated during the 20th century to just a few watch groups. There were waves of consolidation in the 1930s, 1960s, 1970s, 1980s, and 1990s, all of which resulted in a few companies (Swatch Group, Richemont, LVMH, Kering, and so on) controlling most of the Swiss and European watch industry. Similar consolidation occurred in Japan, where Seiko Group and Citizen Holdings own much of the industry, and in America, which is dominated by Movado Group.

The Rise of Brands

1886

1889

1890

1893

  • March 27 - The Longines brand is registered worldwide
  • The Zenith brand is registered

1895

1898

1920

The Great Depression

A 1930 conference was held to consolidate and organize Swiss watchmaking. The following individuals were present, and represent the major voices in favor of consolidation at this time:

1926

1927

1930

1931

1932

1933

1937

1938

1940

1941

1942

1944

1950

From Watchmakers to Corporations

1959

1960

1961

1965

1966

1967

1968

1969

1970

1971

The Quartz Crisis

1972

1974

1977

1978

1979

1980

1981

1982

1983

1984

The Rise of Modern Groups

1985

1986

1987

1988

1990

  • Günter Blümlein and IWC begin working with Walter Lange to re-launch A. Lange & Söhne

1991

  • VDO's three watch companies (IWC, Jaeger-LeCoultre, and A. Lange & Söhne) are organized as Les Manufactures Horologes (LMH) under Blümlein
  • VDO is acquired by Mannesmann, which also owns Jaeger
  • SMH acquires Porta Micromechanic (PUW and Rowi) of Pforzheim and VEB Uhrenwerka Ruhla

1992

1993

  • Cartier Monde is renamed Vendôme Luxury Group and IPOs
  • October - Richemont separates its tobacco interests into Rothmans International and its luxury goods business into Vendôme, including Baume & Mercier, Cartier, Alfred Dunhill, Montblanc, Piaget, Karl Lagerfeld, Chloé, Sulka, Hackett, and Seeger
  • Investcorp acquires the remainder of Gucci

1994

1995

1996

1997

  • Q1 - An internal audit recommends that Audemars Piguet divest of the 40% of Jaeger-LeCoultre it holds; Stephen Urquhart leaves Georges-Henri Meylan as sole CEO
  • Vendôme acquires Officine Panerai and Lancel
  • LMH is restructured into a holding company under Günter Blümlein with IWC, Jaeger-LeCoultre, and A. Lange & Söhne still operating independently
  • November 26 - Richemont announces that it will buy the remaining 30% of Vendôme
  • Movado Group begins producing Coach brand watches under license

1998

1999

2000

  • February 4 - Vodafone acquires Mannesmann for $190 billion (the largest merger in history) and soon puts VDO (and LMH) up for sale
  • March - Bulgari makes it known that they are not interested in buying LMH
  • April 25 - Swatch Group acquires Jaquet Droz
  • May 15 - Mannesmann officially puts LMH up for sale in a press release
  • June - Richemont and Audemars Piguet are rumored to put together a joint bid for LMH based on the 40% ownership of Jaeger-LeCoultre the latter already holds
  • July - MSR, one of the longest-lasting independent groups, declares bankruptcy and puts the Marvin, Revue Thommen, and Vulcain brands up for sale
  • July 14 - The deadline for offers on LMH includes official bids from Gucci/PPR, LVMH, and Richemont/Audemars Piguet
  • July 21 - Richemont announces the acquisition of LMH for CHF 2.8 billion, plus CHF 280 million to purchase Audemars Piguet's 40% share in Jaeger-LeCoultre
  • October 9 - Swatch Group acquires Glashütte Original and Union Glashütte
  • December - Gucci acquires Boucheron
  • LVMH recovers the Dior brand license

International Industrial Groups

2001

2002

2003

  • March - LVMH sells the Favre-Leuba brand to Valentin; rumors suggest LVMH will exit the watch business completely
  • December 23 - LVMH sells the Ebel brand to Movado Group for $47.3 million, keeping Ebel's "Private Label Development" arm and renaming it Les Ateliers Horlogers, a developer of high-end watch movements for Dior and others
  • Richemont acquires the rest of Van Cleef & Arpels

2004

2006

  • Richemont acquires Minerva

2007

2008

2009

2010

2011

2012

2013

2014

2016

2019

  • November 25 - LVMH announces that it will acquire Tiffany €14.7 billion, though it would take two years to complete the deal

2021

  • January 7 - LVMH completes the acquisition of Tiffany at a lower price than announced two years earlier
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