Global watchmaker Swatch has taken control of Dubai’s Rivoli retail chain, the latest luxury group to take a closer interest in its emerging markets outlets in order to use local knowledge to manage its image and profit better from rapid regional growth

Swatch raised its stake in the Dubai retail group to 58 per cent, taking over Rivoli’s network of outlets in the fast-growing Middle Eastern market.

Under the deal the Swiss watchmaker bought an additional 18 per cent of Rivoli from the private equity arm of Dubai Holding, owned by the emirate’s ruler, for an undisclosed amount, Swatch spokeswoman Beatrice Howald said yesterday.

ZKB analyst Patrik Schwendimann said he estimated the purchase price for the 18 per cent at 100 million Swiss francs (€81m). – (Reuters)