Swatch Ltd. (the Swatch watch brand) and its Russian distributor for watches LVB (JamilCo group of companies) in Moscow mutually agreed to transfer the watch sales activity of the Swatch brand (retail and wholesale) to a newly established company.
The new company will start its activity as per February 1st, 2006, and concentrate all its efforts on a nationwide distribution of watches of the Swatch brand through a network of independent retailers as well as operating and increasing the number of corporate stores owned by the Swatch brand.
The new company will continue to employ all employees of the current watch operation of the Swatch brand at Jamilco. Mr. Khaled Jamil, the president of Jamilco shall continue to support the Swatch brand as a member of an advisory board in the newly established company.
