Industry consolidation

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

1885

• December 17 - The Société des Fabriques de Spiraux Réunies SA is founded

1889

• May 27 - The Longines brand is registered in Switzerland by 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.
• The Colombe brand is registered by Alb. Jeanneret & Frères, also of Saint-Imier

1890

• The Diana brand is registered by 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

• March 27 - The Longines brand is registered worldwide

1893

• The Zenith brand is registered

1898

• July 29 - The Société Suisse de Spiraux SA is founded

1920

• Indicateur Davoine lists 58 Swiss watch brands

The Great Depression

1926

• December 27 - Ebauches SA is formed

1927

• The LeCoultre family form 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

1930

• Omega, Tissot, and Lemania join together to form the SSIH. Lanco, Cortebert, Marc Favre, Hamilton, and others are added later
• Indicateur Davoine lists 77 Swiss watch brands

1931

• August 14 - ASUAG is formed by Ebauches SA, along with A. Schild, FHF, and AMSA

1932

• September 5 - Les Fabriques d'Assortiments Réunies SA is founded
• October 24 - Les Fabriques de Balanciers Reunies SA 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 SA Fabrique d'Ebauches (ETA) became part of Ebauches SA
• Fleurier Watch Co. is split, with movements going to Ebauches SA
• Auguste Reymond is split, with movements (Unitas) going to Ebauches SA and watches (ARSA) in ASUAG
• Manzoni, Moser, and ED Kummer become part of Ebauches SA
• Atlantic becomes part of ASUAG

1933

• Peseux SA becomes part of Ebauches SA

1937

• SAPIC purchases Etablissements Ed. Jawger, creating Jaeger-LeCoultre
• SAPIC and Vacheron & Constantin swap shares, effectively merging the companies

1938

• Champagne becomes part of ASUAG

1940

• Indicateur Davoine lists 93 Swiss watch brands

1941

• A major grant from the Swiss federal government resolves many of the remaining dissident watchmaker questions:
  • Essor, Rossé & Affolter, Précimax, Gigantic, and Heliosa join ASUAG
  • Derby and Nouvelle Fabrique join Ebauches SA
  • Ega SA joins FBR
  • Huot joins FAR
  • Interchangeables, Melano, Meyer et Fils, and Orwa are closed
  • G. Flury exits the watch industry

1942

• Glycine becomes part of ASUAG

1944

• Valljoux SA becomes part of Ebauches SA

1950

• Indicateur Davoine lists 177 Swiss watch brands

From Watchmakers to Corporations

1959

• Heuroplan is formed as a joint marketing organization for Cyma, Eska, Juvenia, Movado, and Nappey

1960

• April 4 - The Coopérative de Fabricants Suisses d'Horlogerie is formed to help smaller watch producers compete with ASUAG and Ebauches SA
• Indicateur Davoine lists nearly 200 European watch brands

1961

• Rayville joins the SSIH, including the Blancpain brand
• Manufactures d'Horlogerie Suisses Réunies SA (MSR) is founded by Roland Straumann of Revue Thommen and includes Vulcain, Buser, and Phenix

1965

• Georges Ketterer trades his shares in SAPIC for control of subsidiary Vacheron & Constantin, leaving just a small stake connecting the company to Jaeger-LeCoultre, with the remaining holding company called SAPHIR
• The Coopérative de Fabricants Suisses d'Horlogerie launches the shared brand Jaquet-Droz, featuring watches produced by all 150 members

1966

• ASUAG creates Chronos Holding SA, which took over the newly-defunct Cyma and Tavannes brands, as well as taking a stake in Gruen
• Venus is absorbed by Valjoux
• The American firm Hamilton purchases Büren of Switzerland
• Société Horlogeère de Production et de Participation SA (Sagiter) is formed, containing brands like Camy, Invicta, and Sandoz

1967

• Ebauches SA creates Ebauches Electronic SA and begins production of quartz crystals, integrated circuits, and other electronic watch components
• Ebauches SA purchases SEFEA in Annemasse, France and Durowe of Pforzheim, Germany
• Economic Swiss Time Holding is formed as a federation of lower-priced Swiss watch manufacturers, including Agon, Basis, Buler, and Ferex

1968

• ASUAG creates Pierre Holding SA in Bienne for member manufacturers of watch jewels
• Chronos Holding creates Synchron, which includes Cyma, Doxa, and Ernest Borel
• Société des Garde-Temps SA (SGT) is founded, containing Elgin, Fleurier Watch, Invicta, Sandoz, and Waltham

1969

• The Favre family purchases SAPHIR, bringing Jaeger-LeCoultre and Favre-Leuba together under SAPHIR Group
• Movado and Zenith merge as Movado-Zenith
• Mondia is added to Movado-Zenith, becoming Movado-Zenith-Mondia
• The Coopérative de Fabricants Suisses d'Horlogerie is converted into Parsicor Holding, with 135 small watch makers as members, many producing watches under the shared Jaquet-Droz brand

1970

• North American Watch Company acquires Concord after failing to buy Movado
• Indicateur Davoine lists over 1,400 European watch brands

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
• Economic Swiss Time Holding is integrated into the SSIH, including AGON, Buler, Continental, and Ferex

The Quartz Crisis

1972

• June - Zenith Radio Corp. purchases Movado-Zenith-Mondia

1974

• 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

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
• VDO purchases IWC
• VDO acquires a 55% or 65% stake in Jaeger-LeCoultre from the SAPHIR Group; In the 1980s, Günter Blümlein purchases the 20% of Jaeger-LeCoultre owned by a Swiss bank and the 25% owned by Vacheron Constantin
• Benedom acquires the Favre-Leuba brand from SAPHIR Group
• Cyma is sold by Synchron and moved to the Doxa factory in Le Locle

1979

• Cartier Monde is formed as a holding company for the various Cartier businesses
• ETA SA and A. Schild (AS) are merged to become the modern ETA (Fabrique d'Ebauches ETA. SA) and movement production is focused from 136 to just 40
• ASULAB SA is founded in Neuchâtel to coordinate industrial research for the group
• ASUAG becomes a majority shareholder in Statek Corporation USA, which produces quartz crystals and electronic components

1980

• Management consultant Nicolas G. Hayek recommends that ASUAG and SSIH be combined and redundant components be spun out or shut down
• Synchron is sold by ASUAG, including Doxa, and Ernest Borel

1981

• Jean-Claude Biver and Jacques Piguet purchase the Blancpain brand from SSIH
• Lemania is sold by SSIH to investors
• ETA is expanded to include ETA's Grenchen operations, FHF in Fontainemelon, EEM in Marin, SEFEA in Annemasse, France and Durowe of Pforzheim, Germany
• SAPHIR Group, owner of Jaeger-LeCoultre and part of VDO, purchases the watch and distribution rights of Jaeger of France

1982

• Oris is reorganized and spun-out of ASUAG in a management buy-out
• Eterna is sold by ASUAG to PCW (Porsche Design)

1983

• February Zenith Movado Le Locle SA (part of Dixi Group) sells Movado to North American Watch Company
• May 23 - The merger of ASUAG and SSIH is announced in a press conference
• July 29 - Swiss banks take expand their stake in ASUAG from 38% to 97.5%
• December - ASUAG is merged with SSIH to become ASUAG-SSIH, predecessor to today's Swatch Group
• Edox is spun out of ASUAG in a management buy-out

1984

• Arnault Group purchases Dior
• Auguste Reymond is spun out of ASUAG-SSIH in a management buy-out
• Investcorp acquires Tiffany for $95 million
• Swatch SA is formed as a joint venture with ETA under ASUAG-SSIH

The Rise of Modern Groups

1985

• A massive reorganization of the Swiss watch industry results in the creation of SMH (Swiss Corporation for Microelectronics and Watchmaking Industries Ltd) as a holding company for ASUAG-SSIH and all of its components
• Roamer is spun out of ASUAG in a management buy-out

1986

• VDO sells 40% of SAPHIR Group (owner of Jaeger-LeCoultre) to Audemars Piguet to raise money and strengthen ties with that brand

1987

• LVMH is formed as Louis Vuitton and Moët Hennessy are combined
• All watchmaking components under Ebauches SA are reorganized under ETA
• Investcorp acquires Breguet from Chaumet
• Investcorp floats Tiffany shares in an IPO
• Investcorp purchases Chaumet out of bankruptcy amid a fraud case involving the Chaumet brothers

1988

• April 26 - Cartier Monde acquires 60% of Piaget and Baume & Mercier
• Bernard Arnault's Arnault Group initiates a hostile takeover of LVMH, adding Dior to the group
• SMH divests its stake in France Ebauches
• Investcorp acquires half of Gucci
• Sowind Group is established by Luigi Macaluso as a distributor for Breitling, Girard-Perregaux, and Hamilton in Italy and soon purchased a minority stake in Girard-Perregaux

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

• July - SMH acquires Blancpain and Frédéric Piguet
• Investcorp acquires Nouvelle Lemania as a movement partner for Breguet
• Sowind Group acquires a majority stake in Lorane Holding SA, owner of Girard-Perregaux

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

• Investcorp acquires Ebel from the founding family
• Roamer is purchased by Chung Nam
• Investcorp renews the Gucci manufacturing license amid much public drama

1995

• July 30 - LVMH acquires Fred and Benedom, owner of Favre-Leuba and producer of Dior and Céline watches
• LVMH begins to acquire Gucci shares as a prelude to a hostile takeover
• March - LVMH acquires Céline
• Investcorp lists 48.2% of Gucci on the New York Stock Exchange

1996

• April 15 - North American Watch Company is renamed Movado Group; the group owns the Concord, Esquire/ESQ, and Movado brands and controls distribution of Piaget and Corum
• December 12 - Vendôme acquires Vacheron Constantin
• Investcorp sells most of their shares in Gucci to the public

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
• November 26 - Richemont announces that it will the remaining 30% of Vendôme
• Movado Group begins producing Coach brand watches under license

1998

• February 19 - SMH is renamed Swatch Group on Nicolas Hayek's 70th birthday
• Richemont completes a 2-year plan to purchase the remainder of Vendôme and dissolves it
• Sowind Group's Lorane Holding, owner of Girard-Perregaux, buys the 45% of GP Manufacture owned by Bulgari

1999

• February 4 - Vodafone acquires Mannesmann for $190 billion (the largest merger in history) and soon puts VDO (and LMH) up for sale
• PPR and LVMH bid for LMH
• Richemont negotiates with Audemars Piguet to purchase their 40% share of Jaeger-LeCoultre for CHF 280 million
• 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 13 - LVMH acquires TAG Heuer for CHF 1.2 billion
• September 14 - Swatch Group acquires Breguet and Nouvelle Lemania from Investcorp as they exit the watch business
• October 20 - LVMH acquires Chaumet and Ebel from Investcorp for $460 million
• 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

2000

• April 25 - Swatch Group acquires Jaquet Droz
• October 9 - Swatch Group acquires Glashütte Original and Union Glashütte
• 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

International Industrial Groups

2001

• November 12 - Fossil Group acquires Zodiac from Dixi, along with Synergies Horlogères, Meliga Habillement Horloger, and Montres Antima
• February - PPR's Gucci acquires 66.7% of Bottega Veneta; it acquired 11.8% more in July
• July - Gucci acquires 91% of Balenciaga
• Bankrupt MSR sells the Vulcain brand to PMH

2002

• August 31 - LVMH launches Luis Vuitton Watches at its new Tokyo office
• MSR sells Marvin to Time Avenue

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

• PPR acquires the final minority shares of Gucci
• December - Movado Group acquired the Boss watch license from Tempus Concept
• The bankrupt MSR licenses the Revue Thommen name to Grovana

2006

• Richemont acquires Minerva

2007

• October 4 - Citizen Group acquires Bulova and Wittnauer for $250 million, their first acquisition outside Japan
• Fossil Group spins out part of Synergies Horlogères (including Antima)
• September 17 - Richemont acquires the manufacturing assets of Roger Dubuis; it would acquire majority control of the brand the following year

2008

• August 11 - Richemont acquires 60% of the Roger Dubuis brand
• April 24 - LVMH re-commits to the luxury watch industry by purchasing Hublot for est. CHF 490 million, bringing Jean-Claude Biver to the company

2009

• Roamer is reorganized by Chung Nam with Swiss Watch Group

2010

• January - LVMH's Hublot acquires the assets of bankrupt high-end movement specialist BNB Concept

2011

• March 5 - LVMH acquires Bulgari
• June 29 - China Haidian acquires Eterna, including the Porsche Design brand license, for $23 million
• July 4 - PPR acquires Sowind Group with Girard-Perregaux, JeanRichard, and GP Manufacture
• LVMH's Louis Vuitton acquires La Fabrique du Temps, successor to high-end movement specialist BNB Concept, which was purchased by the company a year earlier

2012

• March 5 - Citizen Holdings acquires Prothor, owner of La Joux-Perret and Arnold & Son
• October 25 - MELB Holding is formed to acquire Hautlence
• Q3 - MELB Holding acquires H. Moser & Cie. and Precision Engineering AG
• Fossil Group acquires 51% of movement maker STP
• LVMH's Louis Vuitton acquires dial maker Léman Cadrans

2013

• January 14 - Swatch Group acquires Harry Winston
• April 24 - China Haidian acquires Corum for CHF 86 million
• June 18 - PPR is renamed Kering

2014

• April 14 - China Haidian acquires Dreyfuss Group (owner of Rotary) for HK 351 million
• July 2 - Synergies Horlogères, part owned by Fossil Group, merges with Christopher Ward to become Christopher Ward London Holdings
• July 7 - China Haidian is renamed Citychamp
• July 30 - Kering purchases Ulysse Nardin and places it under Sowind Group

2016

• January 22 - Richemont acquires the remaining 40% of the Roger Dubuis brand it did not purchase in 2008
• May 26 - Citizen Holdings acquires Frederique Constant, including Alpina and Ateliers deMonaco

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