LVMH-owned Fendi has acquired Swiss private label watchmaker Taramax, the company which has produced the luxury accessory house’s watches under licence.
Fendi had previously held a 51 percent stake in the Taramax SA business and has now acquired the remaining shares.
Pietro Beccari, Fendi’s chief executive officer, announced that acquisition was made to streamline its product offering and take more direct control of the watches bearing the brand name.
Domenico Oliveri has been put in charge of the newly inhouse operation being appointed chief executive officer of Fendi Timepieces.
Italian haute couture brand Fendi was established in 1925 and made its luxury watch debut in 1988. More than a decade ago the brand sought to reposition its watch offering from fashion brand, sold through department stores, to the luxury segment in line with its othe products. To achieve this Fendi bought back inventory from a number of retailers. All Fendi watches are made in Switzerland.
