(Reuters) -LVMH’s watch division has taken a minority stake in Swiss watch movement manufacturer La Joux-Perret, the French luxury group said on Wednesday.
The partnership includes a commercial agreement aimed at enhancing production and innovation for LVMH’s watch brands, which include TAG Heuer, Hublot, and Zenith.
La Joux-Perret will remain independent and continue serving clients, while Citizen Group retains ownership of its watch brands, the companies said in a statement.
“We are pleased to strengthen our ties with La Joux-Perret. Their technical mastery, industrial excellence, and deep roots in the Swiss watchmaking landscape make it an ideal partner for our watchmaking Maisons,” Jean-Christophe Babin, CEO of LVMH Watches, said in the statement.
The companies have been collaborating on solar quartz movements for TAG Heuer since 2022 and the development of a movement that powers Tiffany & Co.’s Rope watch.
(Reporting by Jérôme Terroy and Leo Marchandon in Gdansk; editing by Milla Nissi-Prussak)
