Movado sells 95% stake in EBEL brand to Montres Journe-led group for $66.5M

Movado Group agreed to sell a 95% interest in the EBEL brand to a buyer group led by Montres Journe SA, with Chanel and Pierre Jacques participating, for approximately $66.5 million while retaining 5%. This is a material divestiture that removes a brand from the company's portfolio and generates substantial cash proceeds relative to typical luxury watchmaker operations.

Movado is selling most of its EBEL watch brand to a new ownership group for $66.5 million, which will bring cash into the company but reduce its brand portfolio.