The first day of Baselworld 2013 was overshadowed by the news that venerable Swiss watch brand Corum is being acquired by China Haidian Holdings Limited for $90.6 million (USD). This is the second major brand after Eterna (2011) that the Hong Kong-based China Haidian has bought.
According to the company, its primary goal is the manufacture and distribution of both proprietary and selected Swiss luxury watch brands in China and throughout Asia. Corum will be a lynchpin in that strategy and perhaps provide the foundation for it to become a major player in the Swiss Haute Horlogerie industry.
In a statement, Hon Kwok Lung, Chairman of China Haidian, said: "I am very pleased with this acquisition and I firmly believe in the potential development of Corum."