The Hong Kong based China Haidian Holdings Limited has bought the renowned Swiss watchmaker Corum for about $ 91 million, as it was revealed in Basel on Wednesday, just ahead of the opening of the world’s most important watch fair. China Haidian thus became the first Chinese watchmaker that was able to acquire a luxury Swiss competitor.
As it was revealed, China Haidian gained total control of the brand, since it bought 100 percent of the Corum’s shares for the total sum of 86 million Swiss francs (which is around $ 90.9 million). The takeover is supposed to be beneficial for both parties, especially for the Hong Kong based brand which is looking for a way to establish itself on the luxury watch market. “This strategic agreement fulfils the long term vision of both partners for the development and growth of the Corum brand,” said the representatives of the company in a prepared statement.
Corum was founded in La Chaux-de-Fonds in the Swiss canton of Neuchatel in 1955 and during its existence it has managed to earn the reputation of a quality watchmaker which is more than capable of producing very complex timekeepers, even those with complications such as minute repeater or a flying tourbillon. Among the latest models that Corum prepared for this edition of Baselworld, there are Heritage Charge d’Affaires and Titanium Bridge Automatic Dual Winder).
Chaina Haidian, on the other hand, is a Hong Kong based business which owns – Ebohr and Rossini – which are both among the nation’s top four watchmakers and which together account for nearly a half of the total watch production of the nation. Moreover, Haidian already owns another Swiss timepiece manufacturer, Eterna, which has the license to create products with the Porsche Design insignias. Apart from timepiece manufacturing, Haidian likewise produces enameled copper wires and is involved in property development and investment.