Sea-Gull sold off back in 2019
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  1. #1
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    Sea-Gull sold off back in 2019

    Huh - I didn't hear about this at all. I remember a few years ago (2016?) when BJWAF was bought out by Fiyta in a 51/49% joint venture. Seems like back in 2019 Sea-Gull was purchased by Fosun Group (mainly pharmaceutical company but they have fingers in pies as diverse as Club Med, Circque du Soleil, Wolford, Follie Follie etc.)

    https://www.dealstreetasia.com/stori...-forte-181214/

    Seems like it was a 65/35% equity buyout - does anyone else have any information on this?

    I can imagine that Sea-Gull might have issues during recent years as the Chinese economy slowed down - don't know how to feel about a non-watch (or even predominantly fashion/jewellery) group taking over the stakeholder majority (unlike the Fiyta JV or say a Richemont/LVMH/Swatch situation).

    But hey - maybe it will be good for Sea-Gull if they can leverage the larger group's financial backing/international experience to expand presence/market?
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    Member mougino's Avatar
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    Re: Sea-Gull sold off back in 2019

    Ha, interesting, new information for me! Thanks for sharing.

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    Re: Sea-Gull sold off back in 2019

    @Alberta - perhaps you could ask your contacts in Sea-Gull about this development? Is it plus ca change, plus c'est la meme? Or will this takeover result in anything different in how Sea-Gull is planning to operate?

    After BJWAF got taken over by Fiyta I saw many of their watches started using Miyota movements. Citizen movements are very high quality but it was a little disappointing that some of the Beijing watches lost their historic movements. I don't think it will be the same for Sea-Gull who are currently primarily a movement manufacturer (rather than watch seller) - but I wonder will Fosun be asking them to concentrate more on selling some Sea-Gull watches?
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    Re: Sea-Gull sold off back in 2019

    Quote Originally Posted by seagullfan View Post
    @Alberta - perhaps you could ask your contacts in Sea-Gull about this development? Is it plus ca change, plus c'est la meme? Or will this takeover result in anything different in how Sea-Gull is planning to operate?

    After BJWAF got taken over by Fiyta I saw many of their watches started using Miyota movements. Citizen movements are very high quality but it was a little disappointing that some of the Beijing watches lost their historic movements. I don't think it will be the same for Sea-Gull who are currently primarily a movement manufacturer (rather than watch seller) - but I wonder will Fosun be asking them to concentrate more on selling some Sea-Gull watches?
    +1 interested for same queation.

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  6. #5
    Moderator: F72 and F71 AlbertaTime's Avatar
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    Re: Sea-Gull sold off back in 2019

    Quote Originally Posted by seagullfan View Post
    @Alberta - perhaps you could ask your contacts in Sea-Gull about this development? Is it plus ca change, plus c'est la meme? Or will this takeover result in anything different in how Sea-Gull is planning to operate?
    I'll see what I can find out. but I haven't been in contact with anyone at Sea-Gull directly for a few years.
    Last edited by AlbertaTime; 1 Week Ago at 16:53.
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    Curator: Alberta Museum of Chinese Horology in Peace River (AMCH/PR) 中国手表博物馆,皮斯里弗,艾伯塔省; Member: China Horologe Association; Chief Expert: China Watch Overseas Working Committee (CWOWC), a formally instituted CHA Working Committee; Sino-Canadian Horological Cultural Affairs Advisor: Guangzhou Watches and Clocks Association

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    Re: Sea-Gull sold off back in 2019

    This was discussed some months ago in a Shanghai watch group on Wechat. I found 2 articles in Chinese about it; I will see if I can find those articles again. If I remember correctly, they might have also bought shares in Shanghai Watch Factory too.
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    Moderator: F72 and F71 AlbertaTime's Avatar
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    Re: Sea-Gull sold off back in 2019

    Quote Originally Posted by Monkey_like_watch View Post
    This was discussed some months ago in a Shanghai watch group on Wechat. I found 2 articles in Chinese about it; I will see if I can find those articles again. If I remember correctly, they might have also bought shares in Shanghai Watch Factory too.
    That reflects what I'd heard somewhere, but nowhere that I recall exactly.
    Curator: Alberta Museum of Chinese Horology in Peace River (AMCH/PR) 中国手表博物馆,皮斯里弗,艾伯塔省; Member: China Horologe Association; Chief Expert: China Watch Overseas Working Committee (CWOWC), a formally instituted CHA Working Committee; Sino-Canadian Horological Cultural Affairs Advisor: Guangzhou Watches and Clocks Association

  9. #8
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    Re: Sea-Gull sold off back in 2019

    Now that is interesting - I wonder if they really are going for Swatch levels then? With these kinds of takeovers you can often see two distinct routes companies go down - 1) softly softly and let the executives continue doing what they're doing and just reap the profits or 2) change course and pursue a new strategy.

    I've some contacts in Sea-Gull too - I'll ask them if they know anything about what's happening too (at least that can be publicly shared).

    With Monkey's prompt found some very interesting articles - here are some google translated ones for non-Chinese speakers:

    Shanghai Watch is now 100% owned by Fosun too:
    https://translate.google.com/transla...ml&prev=search

    Some interesting snippets include:
    However, "Seagull has advantages, but we must clearly see that we still have many deficiencies in development." Party Secretary and Chairman Wang Jian of Tianjin Seagull Watch Industry Group said in an interview with the media, "There are still watch craft equipment Relatively shortcomings, high corporate debt ratio, weak brand innovation capabilities and other shortcomings. "

    Therefore, in 2019, Seagull embarked on the road of mixed reform.

    Wang Jian said that the primary reason for choosing Fosun International lies in its “advanced management mechanism and innovative technology” of Shanghai Hanchen Watch Industry.

    Seagull said that Seagull watches will form a "south-north echo" with Shanghai brand watches to help the revival of national watches.

    "In terms of products, Seagull is expected to launch a joint model with the Premier League Wolves; cross-border design with fashion national brands. On the channel, Seagull will expand offline channels with more than 3,000 jewelry stores across the country."



    ----I was wondering why the Sea-Gull Ocean Star had a special "Inter-Milan" version too - seems like this is one avenue they are exploring. Interesting quote of "One core and two national watches" - at least they aren't planning on disbanding one brand then (hopefully). Have to say I've never purchased a Shanghai watch - have a Beijing watch already (Beihai).



    Another article by Fosun:
    https://translate.google.com/transla...ml&prev=search

    Well it makes me feel a little better that Fosun seems to have a strategy behind buying both brands - hopefully we can see the brands being turned around/brought to greater successes with this new injection of money. I'm looking forward to seeing Sea-Gull's 100th year celebrations in 2055 after all :)
    Last edited by seagullfan; 1 Week Ago at 03:32.

  10. #9
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    Re: Sea-Gull sold off back in 2019

    If Fosun is diversified, it might be looking to Sea-Gull as a safe investment choice to park funds and generate steady revenue. Sea-Gull had invested a lot in facilities and modern equipment in recent years and they are an OEM for a lot of other watch manufacturers. I'd think Fosun would likely take a hands-off approach with Sea-Gull as long as it keeps in the black. That said, I sincerely wish Sea-Gull would make it easier for us outside China to purchase their high-end timepieces like tourbillons. But one can always dream! :)
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  11. #10
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    Re: Sea-Gull sold off back in 2019

    Quote Originally Posted by seagullfan View Post
    I've some contacts in Sea-Gull too - I'll ask them if they know anything about what's happening too (at least that can be publicly shared).
    Very much appreciated.
    Curator: Alberta Museum of Chinese Horology in Peace River (AMCH/PR) 中国手表博物馆,皮斯里弗,艾伯塔省; Member: China Horologe Association; Chief Expert: China Watch Overseas Working Committee (CWOWC), a formally instituted CHA Working Committee; Sino-Canadian Horological Cultural Affairs Advisor: Guangzhou Watches and Clocks Association

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