Hybrid watchmaker Kronaby has been given a second life after its bankrupt parent company, Anima AB in Sweden, has been bought by Festina Lotus SA, a Spanish group that makes watches under the Festina, Lotus, Candino and Jaguar brand names.
Festina will acquire the assets from the Bankruptcy Estate of Anima including the watch brand Kronaby.
A statement from Anima says that the acquisition, subject to certain conditions, is expected to be finalized in March 2019.
Several Anima and Kronaby functions and operations will be integrated into Festina Group in Spain. The ten-person research and development team focusing on application, cloud and analytics development will remain in Malmö.
“We are happy to be able to find a solution together with Festina Lotus SA. They have a long experience of the watch and jewellery business, and we believe that the Festina Group will bring great opportunities and vision to the Kronaby brand and the technology it is based on” says Pål Borge, co-founder of Kronaby.
“The capabilities of the Festina Group are so much more extensive and we look forward to see the development of the Kronaby brand in the future.”
Miguel Rodriguez, president of Festina Group, adds: “It is an important acquisition for us, we not only bring in a new brand to our existing portfolio, we also take a step into the smartwatch segment. Kronaby has proved to be one of the best hybrid smartwatches in the world and the newly integrated people and technology will play an important role in the strategic future of our Group. We all know that the world is constantly changing and connected devices are something we all have around us in our daily life.”