Bangalore-based company signed a binding offer with Favre Leuba’s Spanish owner Valfamily SL and Maison Favre Leuba to buy the 274-year-old brand. Titan Industries’ stock closed 2.89% higher at Rs 211.90 on the BSE on Wednesday.
Titan Industries makes Sonata watches for the bunch market and Xylys at the premium end. It will position Favre Leuba above Xylys in India.
Favre Leuba has an existence across international markets, including the US, Chile, Lebanon, Bahrain and Singapore. Until its purchase by the Valentin Group in 2003, it had many 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 crores.