TIMEX GROUP TAKES FULL OWNERSHIP OF DANIEL WELLINGTON

Timex Group has announced the completion of its acquisition of Daniel Wellington, a globally recognized watch and jewelry brand. The acquisition brings Daniel Wellington fully into the Timex Group portfolio and follows an initial 25 percent investment made by Timex Group three years prior. With this move, Timex Group aims to enhance its investment in Daniel Wellington's growth through product innovation, brand development, and expanded global capabilities.

During the past three years, Timex Group has collaborated closely with Daniel Wellington on various initiatives, including product development, sourcing, brand storytelling, and commercial operations. The partnership has yielded positive results, with Timex Group noting the quality of the products launched by Daniel Wellington and the brand's progress toward growth.

Now holding 100 percent ownership of Daniel Wellington, Timex Group plans to increase its investment in the brand and leverage its global capabilities, operating infrastructure, and brand-building expertise to further advance its growth trajectory. "We have been impressed by the team, by the beautiful product they have launched, and by the progress they have made in bringing Daniel Wellington back to growth," said Tobias Reiss-Schmidt, President and Chief Executive Officer of Timex Group.

Daniel Wellington will continue to operate as a distinct brand within Timex Group, maintaining its Scandinavian design heritage and direct consumer connection. The brand is expected to evolve while benefiting from Timex Group's expertise in areas such as design, product development, sourcing, and digital consumer engagement.

This acquisition aligns with Timex Group's strategy to build a portfolio of distinctive global brands that resonate with consumers. The addition of Daniel Wellington enhances the company's position in the design-led watches and jewelry market, highlighting Timex Group's ability to unlock the potential of iconic brands through its global operating platform.

Filip Tysander, Founder of Daniel Wellington, expressed his sentiments about the brand's evolution, stating, "Watching it grow into a globally recognized brand has been an incredible journey. I am proud of what our team has built and confident the brand will continue to thrive in its next chapter."

The financial details of the acquisition have not been disclosed.