The Swiss group behind the luxury brands Cartier, Jaeger-LeCoultre and IWC has snapped up a small watch parts maker.
Richemont, the world's second largest luxury goods group, gains technical know-how in the expensive watch sector by buying Varin-Etampage and Varinor – a manufacturer of high-end components for watches, a gold refiner and a producer of semi-finished precious metals – for an undisclosed price.
VVSA is a historic business partner of Richemont and its three directors, who have sold their shares in the business, will stay on.
The Swiss watch industry has enjoyed growing sales in 2012 with August's figures up 12.7 per cent from the same period last year.
Richemont said the deal would not affect its profitability.