Movado Group, Inc. Enters Into Agreement to Sell Majority Interest in EBEL
PARAMUS, N.J.--(BUSINESS WIRE)--Movado Group, Inc. (NYSE: MOV) today announced that it has entered into a binding agreement to sell a 95% interest in its EBEL brand for $66.5 million to a strategic buyer group led by Montres Journe SA (“Montres Journe”), a Geneva-based luxury watch manufacturer, with the participation of Chanel (“Chanel”), the luxury house, and Pierre Jacques, a renowned figure in the Swiss watch industry, who will serve as Chief Executive Officer of EBEL. The transaction is su