EganaGoldpfeil (Holdings), a manufacturer and distributor of branded watches and Goldpfeil leather goods, has acquired German timepiece maker Junghans as part of plans to enhance its presence in the international market.
Director David Wong Wai-kwong said the HK$304 million transaction would enable EganaGoldpfeil to strengthen its distribution network in Europe.
'We have about 9,000 distributing outlets in Europe, while Junghans has 6,000,' Mr Wong said.
'We are optimistic that these 6,000 outlets will eventually carry other brands distributed by EganaGoldpfeil.'
Mr Wong expected group turnover to increase by at least 22 per cent as a result of the acquisition.
In the year to December 31, Junghans had a turnover of HK$552.3 million, and attributable profit of HK$243.6 million.