Hermes, the French luxury group, has purchased the majority shareholdings in the Swiss watch case maker Joseph Erard. This is but another step in the consolidation of luxury watch makers in the current market.
Hermes confirmed through a statement that its subsidiary La Montre Hermes has increased its shareholdings in Joseph Erard Holding. The purchase involved a majority shareholdings and the statement did not disclose the terms of the transaction, Joseph Erard makes luxury watch cases and has in its employ around sixty people.
Many luxury groups such as LVMH and Hermes have been acquiring watch parts makers in order to ensure consistent supply of parts for their watch brands. This has been the norm in the last two years as LVMH had acquired La Fabrique du Temps, the Swiss movement and watch maker and ArteCad, the dial manufacturer. For its part, Hermes has purchased Natebar, the dial specialist and shareholdings in Erard.
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