GENEVA (Reuters) - Luxury watchmaker Richemont (CFR.S) signed a contract to buy mechanical watch movements from Swatch Group (UHR.S) from 2020, sources close to the matter told Reuters at an industry event in Geneva on Wednesday.
Swatch’s obligation to supply movements to rival watchmakers is due to end in 2019. [nL8N1CX1RU]
Swatch Group supplies most of the Swiss watch industry with movements from its ETA manufacturing facility, including Richemont which makes watches under brands including Cartier, IWC and Piaget.
Reporting by Silke Koltrowitz, writing by John Revill; editing by Susan Thomas