Swatch takes majority stake in Dubai retailer Rivoli
By Reuters
Nov 25, 2013 01:31 AM EST
Regions
A woman looks at watches at a Swatch store at Zurich central station. Swatch Group has acquired Harry Winston’s jewelry for $750 million. (Photo : REUTERS/Arnd Wiegmann )
Swatch Group has raised its stake in Rivoli Investments LLC to take control of the Dubai-based retail group, a move that will give it better control of its retail network in the fast-growing Middle Eastern market.
Swatch said its subsidiary Technocorp Holding had raised its stake in Rivoli to a majority holding from 40 percent
Rivoli operates a network of over 360 retail businesses in the Middle East, predominantly active in the watch segment, Swatch said, adding Rivoli employed over 1,500 people.
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