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Swatch Group acquires 33.3% stake in Saudi distribution firm

Technocorp Holding, an affiliate of Swiss watch maker Swatch, has acquired a 33.3% stake in a Saudi retail distribution firm, Saudi Gazette has reported. The firm took a total share capital of SR60m of Jeddah-based Alzouman General Trading Co distributes Swatch and Flik Flak brands, mainly throughout its own stores in Saudi Arabia. Alzouman operates more than 100 Swatch stores throughout the country, including Riyadh, Jeddah, Makkah, Madinah, and Dammam.