Mumbai : Titan Industries Wednesday said it will acquire Swiss watch brand Favre Leuba for 2 million Euro (Rs.13.6 crore).
“The company has signed a binding offer with Valfamily SL Spain and Maison Favre Leuba, Switzerland, for the acquisition of brand Favre Leuba,” the company said in a regulatory filing.
“This acquisition, when completed, will provide the company with global rights to the trademarks of this brand,” it added.
The strategic rationale behind the above acquisition is to complement and strengthen the existing watches brand portfolio of the company with a Swiss heritage brand.
Favre Leuba, created in Switzerland in 1737, has a rich history in international markets including in India.
At the Bombay Stock Exchange the shares of the company closed 2.89 percent up at Rs.211.90.