The unit comprises luxury watch brands held by LMH (holding) Jaeger-LeCoultre (60%), IWC and A.Lange & Soehne (90%).
Richemont also acquired 40% of luxury watch group Jaeger-LeCoultre from Audemars Piquet. Walter Lange, great grandson of founder A. Lange & S"hne keeps his 10% share of this company.
The acquisitions raise Richemont's share of the luxury watch market from 22% to 30%. Richemont ranks No 2. in the world, after Rolex with 40%.
Copyright July 2000, Crain Communications Inc.