Luxury watchmaker Bovet has a history in Asian markets that dates back over 150 years, with founder Edouard Bovet selling his very first four watches in Canton, China for the equivalent of $1 million, adjusted for inflation.
Today Bovet is retracing its historical roots by partnering with DKSH Market Expansion Services, a firm which provides complete logistical support for corporations looking to expand to the Asian market. In a press release, DKSH announced the alliance which will charge it with marketing, sales and after sales services for the Bovet brand in Asia. In exchange, DKSH will obtain a 20% ownership of Bovet Fleurier SA.
The deal for part ownership includes the Bovet 1822 brand, as well as Bovet’s parts manufacturing entity known as Dimier 1738. In partnering with DKSH, Bovet has chosen an already established watchmaker, with existing facilities in Japan and Hong Kong.
Majority stakeholder Pascal Raffy commented on the deal, saying “Today, the Asia Pacific region is the biggest market for Swiss luxury timepieces. We see DKSH, the leading independent provider for marketing, sales, and distribution of premium luxury goods in Asia, as the ideal partner for professionally marketing our premium Bovet timepieces in the growing Asian markets.”
Over the years Bovet has been known for employing women artisans to assemble its watches, something relatively rare in the world of Swiss watchmaking.
Source and photos courtesy WorldTempus.