In the five years since CVC Capital Partners bought control of Breitling AG, the company has more than quadrupled its equity value and is on the cusp of re-joining the Top 10 Swiss brands of luxury watches.
Now Georges Kern, who gave up a top job at luxury emporium Richemont to lead the revival, is open to acquisitions to help other watch brands follow Breitling’s path of rejuvenation. While he won’t disclose specific targets, Kern says he can call on CVC’s deal-making savvy and his own experience to turn around a struggling brand.
The strategy is paying off. Breitling posted sales of about 700 million Swiss francs in 2021 — an industry beating increase of more than 40%, according to Morgan Stanley and LuxeConsult. Sales are up another 25% by value so far this year, according to people familiar with the matter. The value of the business has jumped well above $3.1 billion from about $780 million at the time of the takeover, Bloomberg reported last year.
Read more: BNN Bloomberg
