Corum has been acquired by China Haidian Holdings, making it the sole owner of the watch brand.
In a statement on Corum’s website, the Swiss watchmaker said that the sale is of Corum’s total shareholdings to the Chinese company is a strategic agreement that will ensure the continued development and growth of the Corum brand.
China Haidian, which owns Eterna watch brand among others, and distributes Casio and Citizen in China, said it acquired Corum for CHF86 million (£59.5 million).
Speaking about the sale, Corum CEO Antonio Calce said: "I was very touched by the human qualities of Mr Hon [chairman of the executive committee of China Haidian]. We share the same personal and professional values. He immediately recognised the potential of a niche brand like Corum. He is a man committed to the preservation and development of the Swiss watch industry, craftsmanship and know-how we have in the region. We have forged strong links and I am confident that together we can continue the success of Corum. I am convinced that China Haidian is the partner of choice for Corum."
China Haidian’s Mr Hon Kwok Lung added that he believes in the potential of Corum and has faith in Calce’s leadership.
Discussions about the sale closed at 6.30pm on Tuesday evening, a fact mentioned during the Corum press conference at BaselWorld 2013, yesterday.