Swatch Acquires Stake in Gulf Luxury Goods Group Rivoli

Mega Swiss watch manufacturer the Swatch Group has acquired a “major” stake in the Rivoli Group, a leading lifestyle luxury goods retailer in the Gulf Cooperation Council (GCC) region, which operates 245 retail outlets. Dubai International Capital, the investment arm of Dubai Holding, remains the largest shareholder in Rivoli.

Swatch notes that the investment is in line with its strategy of increasing exposure to high-growth markets and that it demonstrates Swatch’s commitment to the region. In addition, the move will support Rivoli’s retail expansion and its entry into Saudi Arabia and India.

Dubai headquartered Rivoli, a private retail company, operates a luxury brand retail network throughout the UAE, Bahrain, Oman and Qatar.

Nayla Hayek, a Swatch board of directors member, commented, “Our investment in Rivoli cements the long-term partnership we have shared for over two decades and will be not only beneficial to both parties but also to the consumer in the region.

“Our association with Rivoli Group has broadened strongly throughout this period to include the representation and retail of the spectrum of our watch brands in the UAE. The GCC region is one which possesses high growth potential and with this partnership we plan not only to tap into the opportunities that the region offers but also to increase the service to the consumer.”