Richemont Gains Controlling Interest In Roger Dubuis SA

The Richemont Group, one of the world's preeminent luxury conglomerates, has acquired a controlling stake in the Manufacture Roger Dubuis SA, a well-known elite Geneva watchmaker.  Richemont worked out a private transaction with majority shareholder and brand founder Carlos Dias, which gave it a 60 percent interest in the Manufacture.  

Under the terms which Richemont and Carlos Dias agreed to, the Roger Dubuis brand will continue the manufacture of timepieces without any change to its name, and will have autonomy as a "Maison" within the Richemont structure of companies. Mr. Dias will also step down from his current day-to-day management of Manufacture Roger Dubuis SA.  According to a press release from Richemont, the deal will not have a noticeable impact on the luxury group's consolidated net assets, or its overall profitability for the year which will conclude on March 31, 2009.

"Roger Dubuis watches are highly innovative in terms of movements and design," commented Johann Rupert, Executive Chairman of Richemont. "As a young business, it is very different from the more established specialist watchmakers within the Group today; as such it complements our Maisons perfectly.  We look forward to developing the Roger Dubuis business internationally."