Aurum Holdings is officially no longer for sale, the group’s chief executive revealed exclusively to Watchpro.
Aurum’s private equity owner Apollo Global Management has spent the past year preparing the group for sale and speaking to potential buyers, but has decided there is more value in keeping the business for now.
“Apollo feels, correctly, that we have so much going on now, particularly the big launches here in the US, that they want to see that through as owners and then re-look at the situation,” said Brian Duffy, chief executive of Aurum Holdings.
“We are now full steam ahead — not that we were holding back in any respect — but some things were getting a bit more complicated. Now it is straightforward. We have a great shareholder in Apollo. We are delighted that they will be staying with us for this future period, however long it may be,” he adds.
Aurum Holdings, which owns Goldsmiths, Mappin & Webb, Watches of Switzerland and Watch Shop in the UK, and this week completed the acquisition of Mayor’s in the US, is on track to generate sales of $1 billion this year, Mr Duffy claims.
Buying Mayor’s, which operates 17 boutiques, most selling Rolex, gives Aurum a solid platform to expand in America.
It has already announced it will open a Watches of Switzerland in Manhattan early next year.
Three more Watches of Switzerland stores in the US are in advanced stages of planning, Watchpro understands.
“We are delighted by this from a management perspective because we have got a lot on our hands, and we want to just get on with it.