Hermès acquires majority stake in Joseph Erard

Hermès International SCA has just announced the

acquisition of a majority stake in watch maker Joseph Erard Holding.

Barely days before reporting yearly results, the French luxury group has increased its stake in its supplier Joseph Erard Holding and now holds the majority. The majority stake has been acquitted for an undisclosed amount.

"For Hermès, this latest acquisition is a natural step in the continued process of furthering its watch-making expertise," said the company, in a statement released on Friday April, 19.