NEW YORK, Nov. 30, 2015 /PRNewswire/ — We are pleased to announce that Sunshine Time, Inc., a subsidiary of Time Watch Investments Limited (“TWI”) has completed the acquisition of substantially all of the assets of Geneva Watch Group (“Geneva“), a global leader in the design and distribution of fashion and sport watches.

Founded in 1988, Time Watch Investments Limited is the leading manufacturer, brand-owner and retailer of watches in the PRC national brand watch market under their core proprietary brand, Tian Wang. Under the company’s management, Tian Wang was the top national watch brand in the PRC in 2011, with a market share of 11.1% in regards to retail sales among approximately 130 national watch brands. As of 2015, Time Watch Investment Limited directly controls and manages an extensive sales network consisting of 2,805 points of sale, covering 30 out of 31 Provinces in the PRC.

Geneva Watch Group, established in 1974, has become a global leader in the design and distribution of fashion watches under license for lifestyle brands Kenneth Cole, Ted Baker London and Sean John; and sport watches under its owned brands Freestyle and Game Time.

“Geneva has always proven itself to be a leader in its markets and has remained firmly committed to steadily growing its core branded watch businesses,” said Mr. Tung Koon Ming, Chairman of Time Watch Investments Limited. “We believe that the future is bright for the company with its distinguished portfolio of brands and we look forward to supporting its plans for growth in the future.”

Jeffrey L. Gregg, Chief Executive Officer of Geneva, added: “We are extremely pleased with the acquisition by TWI and the chance to become part of such a successful group. This transaction will protect our valuable franchise and allow us to look forward to contributing to the future growth and expansion of the group. We appreciate all of the support provided by our customers, licensors, distributors and suppliers during our efforts to reposition the company to successfully build our business together in the future, and we are very excited to be aligned to do so effectively.”

In conjunction with the acquisition, the Company has received a commitment for up to $17.5 million in financing provided by Wells Fargo Bank, N.A. to support future growth.

About Geneva Watch Group (www.genevawatchgroup.com)
Founded in 1974, Geneva Watch Group is a global leader in the design, marketing and distribution of fashion and sport watches. The company creates timepieces under license for fashion and lifestyle brands such as Kenneth Cole New York, Kenneth Cole Reaction, Ted Baker London and Sean John. Geneva Watch Group also produces its own proprietary brands including Freestyle, a performance watch brand for active and outdoor enthusiasts; Game Time, which provides team sports logo watches for the NFL, MLB, NBA, NHL, MLS and major universities. For more information, please visit: www.GenevaWatchGroup.com.

For further information, please contact:
Cindy Riccio Communications, Inc.
Cindy Riccio
(646) 205-3573
cindy@cricciocomm.com

About Time Watch Investments Limited (www.timewatch.com.hk)
Time Watch is the leading manufacturer, brand-owner and retailer of watches in the PRC national brand watch market with two proprietary brands, Tian Wang and Balco. The Group primarily engages in the product design and development, sourcing of watch components, assembling and, marketing and sales of the Group’s core proprietary brand, Tian Wang. Tian Wang was the top national watch brand in the low-to-mid range watch market in the PRC in terms of both retail sales value and retail sales volume in 2011. The Group was listed on the main board of the Hong Kong Stock Exchange on 5 February 2013.

For further information, please contact:
PR Ogilvy & Mather
Tina Law / Gary Li / Lucille Tsang / Rosa Fung
Tel: (852) 3170 6753 / 3920 7684 / 3920 7634 Fax: (852) 3170 6606
Email: timewatch@iprogilvy.com

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SOURCE Geneva Watch Group