Luxury house Chanel has acquired a 25 percent stake in Swiss luxury watchmaker MB&F, as the Parisian marque looks to expand its horlogerie reach.
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Financial terms of the deal were not disclosed.
Founded in Geneva in 2005, MB&F is known for its niche prestige watchmaking, comprising exclusive futuristic timepieces that sell between CHF 60,000 (USD 71,000) and CHF 200,000, as well as its cheaper MAD Editions brand, which sell for around CHF 3,000.
In 2023, MB&F reported full-year sales of CHF 45.4 million, when it made 419 timepieces and 3,500 watches, according to a Reuters report.
Following the deal, MB&F founder Maximilian Buesser will own 60 percent of the company and his business partner Serge Kriknoff, who is the company’s head of R&D and production, will own 15 percent.
While Chanel does make watches, alongside its luxury fashion, bags and perfume, it is known for its increasing interest in the watch market, having previously taken stakes in other Swiss watchmakers including Romain Gauthier and FP Journe.
In 2023, Chanel reported a 16 percent increase in sales to USD 19.7 billion, with double-digit growth across all categories.
The Asia-Pacific region, which represents more than half of total revenue, led the growth, where Chanel clocked double-digit percentage growth, as well as in Europe, offsetting a sharp slowdown in the United States for the 12 months.
Earlier this year, Chanel announced that Virginie Viard has stepped down from her role as creative director. Her successor is yet to be announced.
Looking ahead, Chanel plans to stage a repeat showing of its cruise 2025 collection in Hong Kong on November 5. The event signifies the city’s return to the global stage and solidifies the historic ties between Chanel and Hong Kong, as well as celebrating the vibrant and modern culture of the city.