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Newsletter - Consolidation and musical chairs

Newsletter Consolidation and musical chairs

It has been a week of surprise announcements

Starting with the news that Jean-Frédéric Dufour, the current CEO of Zenith, will be taking over the reins at Rolex at some point in the future. There was also further consolidation in the industry as the acquisitive China Haidian group once again made the headlines with an acquisition, this time of Switzerland’s Dreyfuss group, which operates in the medium-range price segment and has aggressive expansion plans abroad, particularly in Asia. Following this takeover, China Haidian now owns a major Swiss company in each of the main price segments. The move also lends further credence to the view expressed by Sowind Group CEO Michele Sofisti, in an interview to be published on WorldTempus tomorrow, that there is “a major battle in the middle segment.”

The appetite for consolidation even extended beyond the realm of the major manufacturers and into the online world, with the Digital Luxury Group acquiring the Luxury Society, the online community of top luxury executives. While takeover rumours abounded during Baselworld, we are only just starting to see the results of the discussions that went on behind closed doors during the show.

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