Aurum Group has acquired 100% of the share capital of Reading-based Watch Shop, the UK’s fastest growing e-tailer for branded watches.
Aurum, owners of Watches of Switzerland, Mappin & Webb and Goldsmiths, bought the company from father and son team Sham and Kishore Naib, who will retain their current roles in the business.
Brian Duffy, chief executive officer of Aurum Group, said: “We are thrilled to acquire Watch Shop, a fantastic business and the market leader in this dynamic sector. We believe this is a perfect addition to Aurum’s growing portfolio of outstanding retail brands. It has been a pleasure to work with Sham and Kishore during the process, and we at Aurum look forward to working with them as colleagues going forward.”
The move gives the luxury watch specialist a market leading entry-level retail outlet to complement its existing businesses.
Kishore Naib added on the agreement, saying: "We believe Aurum to be the ideal acquirer for Watch Shop. The strength of Aurum and the synergy between the businesses will further enable Watch Shop to continue to grow into the household name which we always envisaged."
While Sham Naib added: "We are extremely proud to sell our business to such a prestigious company and believe this acquisition further demonstrates the future potential of Watch Shop."
Sanjay Patel, Chairman of the Board of Directors for Aurum and Head of Europe for Apollo Global Management, LLC, described the acquisition as “an excellent strategic fit” and Watch Shop as “a very attractive business”.
Funds managed by affiliates of Apollo Global Management, LLC acquired Aurum Group in March last year.