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Swatch Group’s strategic move underscores commitment to Middle East expansion
In a major announcement from its headquarters in Biel, Switzerland, the Swatch Group, the world’s largest watch manufacturer, has declared its acquisition of an important financial stake in the UAE-based Rivoli Group, one of the primary purveyors of luxury lifestyle goods that operates a retail network of over 245 outlets in the UAE, Bahrain, Qatar and Oman.
In a message to the press on this occasion, Nayla Hayek, Member of the Board of Directors of the Swatch Group said: “Our investment in Rivoli cements the long-term partnership we have shared for over two decades which will be beneficial for both parties involved and as well as for our customers in the region. The GCC possesses high growth potential and we hope to be able to tap into opportunities the region offers whilst also broadening the level of service to our customers”.
Dubai International Capital (DIC), the international investment arm of Dubai Holding, continues to remain the largest shareholder in the Rivoli Group since September 2007. “It is with great enthusiasm that we welcome the Swatch Group as shareholder and strategic partner in Rivoli,” asserted Sameer Al Ansari, Executive Chairman & CEO, DIC.
Commenting on the new partnership, Rivoli Group Managing Partner, Ramesh Prabhakar endorsed the view that investment from the Swatch Group further strengthened the professional relationship between the two long-standing partners. “We are delighted that the Swatch Group has chosen to be a part of Rivoli’s success story and this partnership will enable us expand our retail network and enter new and potentially promising new markets where demand for luxury watches remains high”, he affirmed.