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BREAKING NEWS - World No.3 Swiss movement supplier acquired by Hong Kong group  0 Comments

Published Thursday, September 27, 2007 by Harry SK Tan |

 

It has finally happened. The Chinese are firmly entrenched and will be making serious impact on the Swiss watch industry. It was reported in LeTemps.ch that the Peace Mark Group from Hong Kong had acquired STM group of companies - the world no.3 in watch movement supplier (both in quartz and mechanical movements). The amount of the buyout transaction was not be disclosed but the 1500 employees will be taken over, namely 154 in Sion (VS), around 70 on the site of Les Reusilles (BE) and the 1200 based in China.
The STM group comprised of Soprod (who supplied to some well known brands such as Richard Mille) Swiss Ebauche and Indtec. Soprod is the jewel in the crown as it provides ETA type/based ebauches to various brands. They provided customisation service to fit the movements to the brands. The Peace Mark Group already owns the Swiss brand Milus and now will be able to reposition itself in the Swiss watch heirarchy both for Milus as well as any other brands in its stable.
For some years there had been debates and discussion in the Swiss industry how it would meet the challenge of Chinese made watches esp. its ever improving quality in finishing and even the Chinese tourbillons. It seems that the Swiss had miscalculated the financial clout of the Chinese and their desire to control the lucrative watch market. With the control and access to these important Swiss movement manufacturers, it appears that the Swiss industry is in danger of losing its competitive edge. Will the movements still be Swiss Made? Will the Chinese movements have the right to be called Swiss Made?
The Swiss industry appears to be in for an interesting and rough ride over the next few years.
Check out the French report HERE.
So - will it be called CHWISS or SWISSESE watches?

 

 




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