Chow Tai Fook (CTF) Group has acquired Swiss luxury watch brand Milus.
Headquartered in Hong Kong, CTF is a giant in the retail jewellery market. The company takes over from Peace Mark Group, which bought Milus in 2002.
In September, Peace Mark was placed under provisional liquidation and its Swiss watchmaking facilities sold to Spanish watchmaker Festina Group. The following month, CTF announced it was buying several of Peace Mark’s assets.
Milus was founded in 1919 and entered the U.S. market in 2006. Its watches retail for $7500 to $20,000.
CTF owns more than 700 retail outlets and franchises in 60 cities in China, Hong Kong, Macau, Malaysia, and Taiwan. Its sales and assets exceed $1 billion and $5 billion, respectively.
