In an interesting tidbit of watch industry news, watchmaking legend, F.P. Journe, backed by Chanel, has acquired the majority stake in Ebel.

The Movado Group is selling a 95% stake in Swiss watch brand Ebel, to a buyer consortium led by Montres Journe SA, in partnership with Chanel, and to be helmed by former De Bethune CEO, Pierre Jacques.

According to reports, Movado will retain a 5% stake and receive $66.5 million, in return for selling the majority ownership of 95% to the Journe and Chanel backed group.

Ebel was founded in 1911 in La Chaux-de-Fonds, and has been operating under Movado’s umbrella, in a low key fashion for years, however, the new ownership will likely attempt to elevate the product, branding, distribution, and ultimately the sales revenue.

Photo by Nano Banana.