Citizen Watch Co. Ltd has just announced that they have entered into an agreement for the acquisition of the Frederique Constant Holding SA as part of Citizen’s plan to strengthen its brand portfolio of “accessible luxury watches”. Frederique Constant Holdings SA encompasses the brands Frederique Cosntant, Alpina, and DeMonaco. All current management and staff will remain unaffected by the acquisition.
The press release issued by Citizen Watch Co. Ltd quotes CEO Mr. Toshio Tokura as saying :
“We have a great opportunity to expand the sales of Frederique Constant through our current distribution channels of Citizen branded watches, particularly in Japan and the U.S.”
“With the acquisition of Frederique Constant, the Citizen Watch Group will be able to augment its portfolio of brands and occupy the space in the markets where some of our competitors operate and further expand the presence of the Citizen brand in the market.”
Aletta and Peter Stas, who founded Frederique Constant Holding SA in 1988, explain the decision as follows :
“As we feel a tremendous commitment to the Frederique Constant Group and its people, we started to explore a potential collaboration to secure the company beyond ourselves. We have become increasingly impressed by the innovative technologies of the Citizen Group. We see the opportunity of Swiss-Japanese partnership to develop and market Accessible Luxury watches for the 21st century and beyond.”