Business News: Corum Watch Brand Back In Swiss Hands After Management Buyout

Citychamp paid about CHF 86 million to buy Corum in 2013 while assuming millions more in related debt, according to Swiss newspaper Le Temps. The Hong Kong listed company, that also owns the Eterna brand, and Dreyfuss Group watch assets, said in its most recent annual report that Corum, Eterna, and the Dreyfuss Group contributed revenue after tax was 155 million Hong Kong dollars in 2024 or about $20 million, a sharp decline from 218 million Hong Kong dollars in 2023. The watch assets posted a financial loss of about 90 million Hong Kong dollars in 2024, or about $11.5 million.

Citychamp said that Corum was impacted by the double digit percentage declines in Swiss watch exports to China and Hong Kong in 2024 but also faced challenges due to “its slow reaction to meet evolving consumer demand. Clients increasingly favored novelties over older collections, so old pieces have to be sold at a higher discount,” the company said in its annual report.

According to the filing, the company cut costs and streamlined operations in response to declining sales and losses while focusing on the production of fewer, more expensive timepieces.

For more information about Corum, click here.