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Handbag maker Hermes bought a 25 percent stake in Vaucher in 2006 for 25 million Swiss francs ($26.92 million) to secure movements for its watch unit. Independent watchmaker Parmigiani, which is owned by the Sandoz family foundation, split off its production unit Vaucher in 2003 to allow it to also make movements for third parties while still supplying Parmigiani.
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They nevertheless rely on Swatch for some parts. Richemont, the No.2 luxury group which owns some of the world’s most prestigious high-end watch brands, and independent big names Rolex and Patek Philippe, have more parts facilities and have also strengthened them by taking over some suppliers. LVMH only diversified into watches in 1999 so its production facilities are less developed than their peers’. That has left other watch brands grappling with supply shortages and searching for other high-quality suppliers to buy in order to preserve the coveted “Swiss Made” label.Īmong the brands most affected are the ones owned by the world’s biggest luxury group LVMH : Tag Heuer, Hublot and Zenith. Weko has allowed Swatch to reduce deliveries in 20 and is expected to announce before July how the company can entirely phase out deliveries. Swatch has asked Swiss antitrust authority Weko to work out rules allowing it to cut back and eventually stop deliveries to others without skewing the competitive landscape. It has said it no longer wants to be the industry’s “supermarket” and started cutting back on deliveries last year, keeping more parts for its own brands, which include Omega and Longines. Swatch Group, the world’s biggest parts supplier, has a near-monopoly on the delicate balance-springs that make a watch tick and the “movements”, or internal mechanism driving all the moving parts of a watch. Nobody invested into these skills,” he said. But for all the parts going into the movement (such as balance-springs) there is nothing to buy. “For dials or cases you can buy an existing firm that works smoothly.