The Di Modolo design studio has been designing timepieces for over 20 years for some of the leading brands of the high-end luxury timepiece market. It also designs watches for the Gucci Group subsidiary BÉDAT & Cº. The production company specializes in manufacturing timepiece components, in particular bracelets and cases in precious metals, and has outstanding know-how in the manufacture of jewelry watches. Mr. Modolo, who will be the Chairman of both companies, will take an active part in designing with Tom Ford the new line of Yves Saint Laurent timepieces.
Domenico De Sole, President and Chief Executive Officer of Gucci Group N.V., said; "These acquisitions are important additions to Gucci Group and to the development of its existing Swiss watch business.
Dino Modolo's name is synonymous with high quality watch design and production. I am delighted that we will be able to work in conjunction with him to further develop our watch business and enhance our presence in the 'hard luxury' sector."
Dino Modolo commented: "My team and I are very happy and proud to join forces with such a prestigious Group. There is a lot of scope for growth in this sector, and we believe that by combining the traditions and skills of our companies with the resources of Gucci Group we will be able to increase our business significantly.
We remain committed to meeting the needs of our current customers and look forward to strengthening our relationships with them."
The financial terms of the transaction were not disclosed. The impact of the transaction on Gucci's current and near-term earnings per share and financial condition is not expected to be material.
