Swatch takes majority stake in Dubai retailer Rivoli | GulfNews.com:
"Global watchmaker Swatch has taken control of Dubai’s Rivoli retail chain, the latest luxury group to take a closer interest in its emerging markets outlets in order to use local knowledge to manage its image and better profit from rapid regional growth.
Swatch Group raised its stake in the Dubai retail group to 58 per cent, taking over Rivoli’s network of outlets in the fast-growing Middle Eastern market.
Under the deal, the Swiss watch maker bought an additional 18 per cent of Rivoli from the private equity arm of Dubai Holding, owned by the emirate’s ruler, via its subsidiary Technocorp Holding for an undisclosed amount, Swatch Group spokeswoman Beatrice Howald said on Monday."
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