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Titan to acquire Swiss watch brand Favre Leuba for Rs 13.6 cr

The strategic rationale behind the above acquisition is to complement and strengthen the existing watches brand portfolio of the company with a Swiss heritage brand Favre Leuba.

twitter-logo PTI   New Delhi     Last Updated: November 17, 2011  | 00:00 IST

Titan Industries on Wednesday said it is set to acquire Swiss watch brand Favre Leuba for up to 2 million Euro (about Rs 13.6 crore) as part of its strategic business plan to expand product portfolio.

Titan Industries has signed a binding offer with Valfamily SL Spain and Maison Favre Leuba of Switzerland for the acquisition, post which Titan will secure global rights of the brand, Titan said in a filing to the Bombay Stock Exchange.

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"This acquisition is being pursued on an asset purchase mode for a sum under 2 million euros," the filing said.

The strategic rationale behind the above acquisition is to complement and strengthen the existing watches brand portfolio of the company with a Swiss heritage brand, it said.

Favre Leuba, created in Switzerland in 1737, has a rich history in international markets, including India, it added.

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