Daniel Wellington acquired by Timex Group
Swedish watch brand Daniel Wellington has been acquired by Timex Group, following the initial 25% investment by the group three years ago.
Since that initial investment, Timex Group says that it’s been working alongside Daniel Wellington across product development, sourcing, and commercial operations.
Now, as 100% owners, it will hope that it can scale up and improve the brand sufficiently to return it to its former glory. It’s estimated that Daniel Wellington was turning over about $240 million at its peak in 2017, which was down to an estimated $135 million by 2024.
“We have been invested in and working with Daniel Wellington for three years and the more closely we have worked with the team, the more confidence we have gained in the brand’s potential,” said Tobias Reiss-Schmidt, president and CEO of Timex Group. “We have been impressed by the team, by the beautiful product they have launched, and by the progress they have made in bringing Daniel Wellington back to growth. Now that we own 100 percent of the brand, we are increasing our investment and bringing the full strength of Timex Group’s global capabilities and infrastructure to help further accelerate this exciting growth story.”
Timex Group says that Daniel Wellington will retain its operational independence, and simply benefit from the group’s greater resources, expertise, and financial clout.
“When I founded Daniel Wellington, the goal was to create a brand that made timeless design feel personal, stylish, and accessible,” said Filip Tysander, Daniel Wellington’s founder. “Watching it grow into a globally recognised brand has been an incredible journey.
“What matters most to me is that the brand continues to evolve without losing what made it special in the first place. Timex Group has shown a genuine respect for Daniel Wellington’s identity while bringing the experience and scale to help it continue to grow. I am proud of what our team has built, grateful to everyone who has been part of the journey, and confident the brand will continue to thrive in its next chapter.”
The exact financial terms and purchase price have not been disclosed by either party.
