Luxury conglomerate Richemont have reportedly reached an agreement with Chinese jewelry company Chow Tai Fook to distribute Baume & Mercier watches throughout China. China Retail News reports that Richemont, which owns haute horlogerie brands like Jaeger-LeCoultre, Cartier, Roger Dubuis, Montblanc and Vacheron Constantin, will expand their market share of luxury watch sales.
China Retail News cites a Richemont insider as saying that each party will hold a 50% stake in the deal. The Hong Kong-based Chow Tai Fook Jewellery, which went public in 2011, have over 1,000 retail locations throughout mainland China. The company already works with other Richemont group companies, including Cartier, Piaget, and Jaeger-LeCoultre.