Number one watchmaker in the world has just bought ticinia company Tanzarella, active in the assembly of watch movements. The Swiss group will takeover all the 236 employees who work in the Riazzino / Locarno area.
Luxury groups discouraged by thickets of red tape and taxes are putting on ice ambitions to expand into India and Brazil and focusing instead on the Middle East, their No.2 priority after fast-growing China.
Mergers and acquisitions in the Swiss watch industry are likely to become rare events as rising demand for timepieces strengthens the resistance of potential takeover targets, luxury executives and experts said this week.
Demand for Swiss watches jumped in February as consumers in Asia and North America splurged on timepieces, data showed, adding to evidence that the industry is bouncing back from a steep slump during the financial crisis.