Gucci Group chief executive and president Robert Polet said: "Together with LuxuryConcepts and Viviane Fankhauser, we have reached a good deal for all parties concerned. Since its acquisition, Bedat & Co developed particularly in the United States and Asia, however it didn't reach the level of performance we were expecting. Joining LuxuryConcept with its expertise in distributing niche high-end watches in East Asia, Bedat & Co is set to become a strong player in their markets."

Under the ownership of LuxuryConcepts, Bedat & Co will continue to design, market and sell luxury Swiss watches under its own brand.

LuxuryConcepts chief executive Frank Low said: "I am excited at the opportunities that lie ahead for Bedat & Co. and am delighted that we will be able to build upon the legacy that has been created at the brand and to develop its potential further."