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Eterna is now Chinese....  Rating:  Rating
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 Posted: Tue Aug 2nd, 2011 09:16 pm
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Hammerfjord
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My watch-maker told me today and I looked for infos: This is from Watchtime dated from the 30th june.mistake.gif

Porsche Sells Eterna to International Volant Limited of China


Today, International Volant Limited, a wholly-owned subsidiary of China Haidian, announced that it has acquired all shares in Eterna AG Uhrenfabrik from F.A. Porsche Beteiligungen GmbH. Eterna was founded (under a different name) in 1856, In 1932, Eterna created a subsidiary called ETA to make movements for itself and other watch companies.

ETA grew through a series of mergers, and today it is owned by Swatch Group. Eterna was sold several times beginning in 1982, and in 1995 it was purchased by F.A. Porsche Beteiligungen GmbH. In 1998 Eterna began manufacturing watches under the Porsche Design name.

Oliver Porsche, managing director of F.A. Porsche Beteiligungen GmbH, says that he is very confident that the new owner will continue the determined path Eterna AG has begun to follow and will further strengthen Eterna AG’s position as one of the premium manufacturers of watches.

Mr. Hon Kwok Lung, chairman of the buyer, said that this acquisition is an important step in the strategy of China Haidian to continue its sustainable development in mainland China and overseas. “We believe that mechanical watch movements will more and more become a limiting factor in the industry; therefore, Eterna AG, as being able to manufacture its own mechanical movements, is a decisive addition to the group’s portfolio”, Hon Kwok Lung added.

Details of the transaction were not disclosed.

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 Posted: Tue Aug 2nd, 2011 09:34 pm
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joecb
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WOW can anyone say..germanese!! or Chiman watches..

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 Posted: Wed Aug 3rd, 2011 12:45 am
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bigrustypig
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Hmmmmmmmmmmreally.gif

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 Posted: Wed Aug 3rd, 2011 01:22 am
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stew77
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Oh man....that really kinda stinks...crap.gif

Eterna has been one of the brands that I respect and enjoy the history of...looks like it's historical road is taking quite a detour...

As Jeff said...hmmm...really.gif

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 Posted: Wed Aug 3rd, 2011 01:27 am
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Tony Duronio
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Do you guys read this as the watches will be made in China? Just might be that a Chinese company is just buying the name and perhaps manufacturing facilities it has, and not much will change.

Watches will still be produced in Switzerland under the same supervision and care.

I dont know just a thought.

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 Posted: Wed Aug 3rd, 2011 03:25 am
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oagaspar
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Tony Duronio wrote: Do you guys read this as the watches will be made in China? Just might be that a Chinese company is just buying the name and perhaps manufacturing facilities it has, and not much will change.

Watches will still be produced in Switzerland under the same supervision and care.

I dont know just a thought.
You may be right Tony...Eterna could remain a viable Swiss brand,doing business as usual,but their in-house movements/factory and knowledge is probably what Haidan/Volant was more interested in...the ability to build mechanical movements will only strengthen their already 43% of the watch market in China..while on the other hand, the increased capitol available to Eterna, by the new owners, may make them stronger in the Swiss market...hopefully a happy medium will be accomplished by making Eterna a stronger Swiss company, building fine Swiss movements,while the Chinese faction uses that knowledge, to build affordable movements, to be used throughout the industry...could be a win/win situation imo.

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 Posted: Wed Aug 3rd, 2011 04:56 am
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Hammerfjord
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I've been reading that as: Soon, Eterna watches will have MANY Chinese components and will still be wearing "Swiss-Made".
Why not? Haidian would only make legal profit out of it!
Do you think that they will give this possible profit up?
They will integrate Chinese parts in the movement also: Aren't they here to grab technology and copy it? Of course they are.
The crystal, dial, case blanks, gaskets, movement parts....All coming as a kit from China and getting assembled in Switzerland.
You will finally JUST pay for the name ETERNA and nothing else.
After that, you will see a Chinese net-site popping out with a whole Eterna-wierd-taste new line totally made in China, exactly like the Doxa Asian line...
And so on....

When you open your door to the wolf, don't ask him to spare the youngest because it's your favorite...

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 Posted: Wed Aug 3rd, 2011 12:19 pm
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bigrustypig
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I think it will make strategic sense for the Chinese owner to still keep the Eterna Swiss heritage untouched and just be a strategic investor (funds) in Eterna.

I also suspect that like many ownership changes seen, some of the manufacturing activities will be eventually spun-off to China for economies of scale and logistical rationalization.

Time will tell what the new owners have in mind and whatever else is in store for Eterna. I think we all have a good idea of what will happen.

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 Posted: Wed Aug 3rd, 2011 02:36 pm
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oagaspar
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like Milus Watch Co.,another Swiss brand bought by a Chinese business,Eterna will follow with boutiques in China and HK,remaining a Swiss luxury brand imo...the growth potential for both these brands is excellent. China has been rated "best in financial performance across the world to every luxury brand,from watches to wine",since China/HK is the #1 in Swiss watch sales,it would make sense that Eterna would only grow,as a Swiss Made label.

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 Posted: Wed Aug 3rd, 2011 03:02 pm
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KenC
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I believe they may be moving it to China.  My opinion is based on the research done while watching millions of heavy earth moving machines and sod trucks moving the large percentage of the USA that China owns to the Chinese owned port in Long Beach, CA for shipment!  I am concerned that they may come for Arizona next but feel confident the will move all of the "flatland" parcels first, although I do see them numbering the rock formations in the mountains for reassembly!?!

whichone.gif "just my 2 cents"

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 Posted: Wed Aug 3rd, 2011 03:13 pm
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Hammerfjord
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Oscar: I heard yesterday the the Chinese economy was shrinking...
The Chinese economy been growing very fast and way too fast to be healthy in my meaning...
What's the point about that they consume more and more luxury products coming from Europe?
Those brands are wanted and regarded because they are from a high European standard and nothing else: Who builded those standards? The Chineses? No.
So let's not stain those brands by having them half builded there, or those European standards as the western world standards, will sink very fast in our eyes and from there be less regarded in the east.
I explain in another way: They like Champagne because it's exclusive and it's exclusive because it's made only in a little region of France who has a long wine-making history.
Modify the law about this label and have half of it coming from Asian vineyards: All prestige is gone and only the modest man will buy it.
They will then sell more Champagne: But at wich price? Bubble-wine price?
So, yeah, Hong-Kong may see many Eterna watches in it's shops but do we need any Chinese owner for that?
On another side , Milus may be popular in Asia but I'm certainly not about to buy one...
To conclude: What's the point about Eterna making more money if them shield got stained?
Remember what happened to Yema before and after the Asian takeover.
Porsche just need the cash: They don't give a damn about what will happen to Eterna...

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 Posted: Wed Aug 3rd, 2011 04:49 pm
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Hammerfjord
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For those who are wondering about what happened to the French Yema brand and it's prestige fall-down after the Asian jump, here's a good presentation of the brand: http://www.harrybishop.ca/?p=1458
It is the classic example of an Asian take-over, quality getting down and cheap, reputation fall and bankruptcy.
I don't mean that Eterna is exactly on the same path but we been there and done that...

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