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Asian Company Takes Over Milus International SA

Already in October 2008, Chow Tai Fook acquired Milus International SA. The manufacturer of watches was part of the Peace Mark Group since 2002. Last month, the former owner was placed under provisional liquidation. For the Chow Tai Fook Group based in Hong Kong (CTF Group) the acquisition of Milus is the unique opportunity to complement its portfolio of luxury products with a well-established and luxury watch brand.

Evidently, the financially strong Asian company has been using the current economic crisis to buy shareholdings in well-established and renowned brands. The CTF Group is a substantial private enterprise established and owned by Dr Cheng Yu Tung and his family. Total assets of the Group exceed US $5 billion. The group possesses business units worldwide, with over 80,000 employees. The CTF Group operates under two principal companies: Chow Tai Fook Enterprises Limited and Chow Tai Fook Jewellery Company Limited.

With nearly 80 years history, the Chow Tai Fook Jewellery Company incorporates its expert knowledge of design excellence and distinct craftsmanship and is one of the top jewelers amongst high quality fine jewelry. Currently, it has over 700 retail outlets and franchises in over 60 cities in China, Hong Kong, Macau, Taiwan and Malaysia. The company's annual total sales exceed US $1 billion.

Boosted by the new investor, Milus is in the best position to enhance the brand’s competitiveness. Now that Milus belongs to the CTF Group, it will strengthen its brand positioning and intensify its presence in the key markets significantly. Milus is proud to be a member of this remarkable group and will take every effort to contribute to the company's success and growth.