Frederique Constant Group has been bought by Japanese watch giant Citizen which is looking to increase its brand portfolio.
The group founded by Peter and Aletta Stas 25 years ago includes Frederique Constant, Alpina and Ateliers deMonaco brands.
The written announcement was made by the husband and wife founders today.
It states that the couple’s children have both developed their own professional interests away from the world of watches and they had begun to look for a way of safeguarding the future of the company beyond themselves.
“After careful analysis and many discussions, we have become increasingly impressed by the innovative technologies of the Citizen Group. We see the opportunity of a Swiss/Japanese partnership to develop and market watches for the 21st century and beyond.”
The statement also points out the acquisition will result in “High-tech collaboration in development of electronic, mechanical and hybrid calibers. We look forward to combîning Frederique ConstanVs high-end Manufacture capability with Citizen’s long history in revolutionary solar, radio and ultra-thin caliber innovations”.
The deal will also cover Frederique Constant’s Horological Smartwatch, with Frederique Constant Group having bought out its Silicon Valley technology partners in the project earlier this year.
Citizen, which already owns Bulova, Arnold & Son and Angelus as well as movement manufacturers La Joux Perret and Miyota, will also present a ready distribution network in the US for Frederique Constant and Alpina’s watches.
The core Frederique Constant Group business represents 170 employees in six offices worldwide and its watches are available at 3,000 points of sale globally.
Peter Stas continued: “Over the past year, we have become convinced that the Frederique Constant Group will benefit enormously from the strengths of the Citizen Group and accepted their offer to be acquired. As part of the agreement, Aletta and myself and the management team will stay in our current positions for a minimum of five years. Frederique Constant, Alpina and Ateliers deMonaco will be managed as independent brands and companies within the Citizen Group.”
It is not known how much Citizen paid to acquire Frederique Constant Group.