Geneva-based TechnoMarine SA announced its change of shareholders. In a statement released by the company, it was revealed that Jacques-Philippe Auriol along with the management will be taking over all of the company's shares.

The buyout indicates a vital step in the company's implementation of Auriol's revitalization strategy, which he initiated when he became CEO of TechnoMarine in 2011. This includes improvement of product quality, repositioning of its brand and product range as well as the development of distribution circuit.

Speaking about the buyout, Auriol said "I am delighted about this new development, which favours continuity."

"This buyout will enable us to capitalise on the groundwork we have been laying for the past two years, and to implement a successful business project with the team I have put together," Auriol added.

International watchmaking company TechnoMarine has presence in more than 50 countries with 1,500 points of sale. It has positioned its brand among the high-end segment and aims for non-conventional clients who prefer a mix of quality and creativity.