Titan to buy Favre Leuba for 2 million euros

BANGALORE: Watch-to-jewellery maker Titan Industries will buy Swiss watch brand Favre Leuba for up to 2 million euros (Rs 13.7 crore), the company said in a filing to Bombay Stock Exchange on Wednesday.

The Bangalore-based company signed a binding offer with Favre Leuba's Spanish owner Valfamily SL and Maison Favre Leuba to acquire the 274-year-old brand. Titan Industries' stock closed 2.89% higher at Rs 211.90 on the BSE on Wednesday.

Besides its eponymous brand, Titan Industries makes Sonata watches for the mass market and Xylys at the premium end. It will position Favre Leuba above Xylys in India.

Favre Leuba has a presence across international markets, including the US, Chile, Lebanon, Bahrain and Singapore. Until its acquisition by the Valentin Group in 2003, it had multiple owners including Louis Vuitton Moet Hennessy.

Titan has experience in retailing high-end, global watch brands such as Emporio Armani, Burberry, FCUK, Movado, and Guess through its multi-brand watch format Helios. It plans to operate 50 Helios outlets by 2015, targeting sales of Rs 400 crore.