FIYTA and Beijing Watch Factory Joint Venture

FIYTA and Beijing Watch Factory Joint Venture

Postby koimaster » August 30th 2017, 9:46am

FIYTA Holdings Ltd., a publicly listed watch company based in southern China, recently announced it will enter into a joint venture with the Beijing Watch Factory Co. Ltd. for the development of watch components and watch movements.

The signing of the agreement marks a significant milestone for the two organisations.

Under the terms of the agreement a new company, to be called North-table (Beijing) Co. Ltd, will be established with responsibility for growing the “Beijing” and “Shining” brands along with the development of other key watch and component technologies and parts manufacturing.

FIYTA, one of China’s most successful domestic and international watch companies with more than 1500 sales endpoints worldwide, will be leveraging its extensive branding, marketing and value chain experience to help the new company develop new technologies and business processes. FIYTA specialises in high-quality watch design, manufacturing and sales.

The Beijing Watch Factory, founded in 1958, is one of China’s oldest and most prestigious watch companies. The company produces a range of high-end and mid-class timepieces, including their exclusive series of tourbillon, minute-repeater and gold watches. Their timepieces are produced entirely in-house with completely independent intellectual property rights, making them one of the small, elite group of true ’manufacture’ brands in the world today. Under the agreement, the Beijing Watch Factory will be responsible for watch movement components and other core manufacturing operations.

FIYTA says the joint venture will assist them with their ongoing strategy of vertical integration, further enhancing its supply chain and contributing to its international growth plans.

As part of the deal, FIYTA will invest RMB 80 million (USD $12.9 million) in cash into the joint venture, including RMB 51 million of share capital, giving it a 51% holding in the new company. The Beijing Watch Factory will hold the remaining 49% of share capital.

http://blog.finewatchesofchina.com/fiyt ... t-venture/
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