May 26, 2016
Citizen Watch Co., Ltd.
Citizen Watch Co., Ltd. (Head Office : Tokyo, Japan) announced today that it has entered into an agreement to acquire Frederique Constant Holding SA (Head Office : Genève, Switzerland). Under the mid-term business plan, “Citizen Global Plan 2018”, Citizen is implementing a multi-brand strategy and seeking to complete its brand portfolio by acquiring Swiss brands. This particular acquisition will enable Citizen Watch Co., Ltd. to strengthen its brand portfolio, offering consumers a variety of products ranging from accessible timepieces to Accessible Luxury watches. Frederique Constant Holding SA brings the brands Frederique Constant, Alpina, and DeMonaco to Citizen Watch Co., Ltd. The present management personnel and staff will continue to hold the same positions after this acquisition.
Comments from Mr. Toshio Tokura, chief executive officer of Citizen Watch Co., Ltd. “ We have a great opportunity to expand the sales of Frederique Constant through our current distribution channels of Citizen branded watches, particularly in Japan and the U.S.” said Toshio Tokura. “With the acquisition of Frederique Constant, the Citizen Watch Group will be able to augment its portfolio of brands and occupy the space in the markets where some of our competitors operate and further expand the presence of the Citizen brand in the market.” He later added “Citizen will be able to achieve great synergy for sharing technologies and infrastructures in the future.”
Comments from Aletta and Peter Stas, the founders of Frederique Constant Holding SA “As we feel a tremendous commitment to the Frederique Constant Group and its people, we started to explore a potential collaboration to secure the company beyond ourselves. We have become increasingly impressed by the innovative technologies of the Citizen Group. We see the opportunity of Swiss-Japanese partnership to develop and market Accessible Luxury watches for the 21st century and beyond.”
May 26, 2016