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Private equity owners slash valuation of Swiss watchmaker Breitling

Financial Times
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⚡ Quantum Brief
Private equity firm Partners Group has slashed the valuation of Swiss watchmaker Breitling just two years after acquiring a majority stake from CVC Capital Partners in 2023. The luxury brand’s financial performance has significantly underperformed expectations, prompting the write-down amid broader challenges in the high-end watch market. Breitling’s struggles reflect shifting consumer demand and intensified competition from rivals like Rolex and Patek Philippe, which dominate the premium segment. Partners Group’s move signals growing caution among investors in luxury goods, as post-pandemic spending slows and economic uncertainty weighs on discretionary purchases. The valuation cut underscores the risks of private equity bets on heritage brands, where operational turnarounds prove harder than anticipated in volatile markets.
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