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Time for Versace: Timex Forms Strategic Alliance with Italian Fashion HouseTimex Corp. (Middlebury, Conn.) has signed a licensing agreement to acquire Versace, S.A. (Lugano, Switzerland), the watch, jewelry and writing instrument subsidiary of Gianni Versace S.p.A. (Milan, Italy).
For Timex, which will manufacture and distribute watches, jewelry and writing instruments bearing the Versace trademark, the accord provides entrance into the luxury market. For Versace, the deal represents a key step in joining forces with a world market leader to develop Versace's watch and jewelry lines.
Versace S.A. will be renamed as a result of the acquisition, but there are no plans to relocate the company or reduce its existing workforce.
"We've been in the timekeeping business for more than 150 years," said Timex president and ceo Joe Santana. "While we certainly use our resources to enhance the business, the change in ownership will take place in a manner that will not disrupt any existing distributors or retailers of the products of Versace S.A."
"In Timex, we've found a partner that is uniquely qualified to realize and enhance the brand's potential within timepieces and jewelry categories," says Giancarlo di Risio, ceo of Gianni Versace S.p.A.
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20/11/2004 | Viewed 15,221 time(s)
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