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2009-10-29

RAYMOND WEIL GENÈVE announces the formation of US distribution corporation: RW USA Corp.

RW USA Corp. Marks a Transition from Benny Shabtai and Seville Watch Corporation

NEW YORK, NY, October 27, 2009 --- Effective immediately, RAYMOND WEIL Genève announces the establishment of its own distribution company in the United States, RW USA Corp. This new company marks a transition from the Brand’s stewardship in the United States from Benny Shabtai and Seville Watch Corporation, who has led the Brand here for over 33 years.

According to Olivier Bernheim, the President & CEO of RAYMOND WEIL Genève and the son-in-law of the founder Mr. Raymond Weil, “Historically, the US was our first market worldwide. It appeared to us that the time had come for more personal and family commitment. Therefore, RW USA Corp. was born to achieve new objectives regarding the Brand’s development and sustainable growth in the US. In addition, it is the necessary and natural evolution for a company whose motto is ‘INDEPENDENCE is a state of mind’. The approach of both the company and the people behind its success pays tribute to the patrimony and heritage of a family whose leitmotif is independence.

RAYMOND WEIL’s global mission is to strengthen and focus on the luxury watchmaking legitimacy of the Brand by: creating an even more appealing image reinforcing the unique character of RAYMOND WEIL Genève; developing new models, meeting higher quality standards which reflect the Brand's evolution and creativity appropriately; implementing a more selective distribution policy aimed at increasing the Brand’s presence and market visibility; and by offering refined luxury timepieces at attractive prices.

RW USA Corp. will be headed by Olivier Bernheim, along with his two sons Elie and Pierre Bernheim, the grandsons of the founder. The new company will remain headquartered at 635 Madison Avenue, New York, NY 10022. “We wish to thank Benny for his help establishing and developing RAYMOND WEIL in the United States and his commitment to our Brand for many years,” Bernheim said. RAYMOND WEIL sales employees from Seville Watch Corporation have been offered new positions at RW USA Corp. to continue the Brand’s success story in the US.

The goal of the operational change is to build a stronger U.S. business that is consistent with the Brand’s record of spectacular and constant growth in every other market. Over the short-term, the new company will be very active to offer the Brand’s key partners the best selection of products for the crucial holiday season and appropriate marketing support.

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