Yesterday's news was the acquisition of a major shareholding in the Swatch Group at Rivoli Group, one of the largest luxury goods retailers in the Middle East with over 245 retail outlets spread across the Gulf countries. Founded in 1988, Rivoli is a company of Dubai International Capital, the international investment arm of Dubai Holding. The close partnership will support Rivoli's regional expansion strategy, including its entry into Saudi Arabia and India, and enable the Swatch Group to contribute substantially to Rivoli's continued growth. In this regard Nayla Hayek, member of the Swatch Group Board of Directors, said: "Our investment in Rivoli cements the long-standing partnership we have shared for over two decades and will be beneficial not only for both parties, but also for the regional consumer. During this time, our relationship with Rivoli Group has intensified strongly to include representation and retail of our watch brand range in the UAE. The Gulf region has a high growth potential and with this partnership we intend to exploit not only the opportunities that the region offers, but also to increase our service to the consumer."
For further information: Swatch Group Press, tel. +41 32 343 68 33 or press@swatchgroup.com.
