Movado Group agreed to sell a 95 percent stake for $66.5 million to a trio that includes the two companies and veteran watch executive Pierre Jacques.

Its owner, Paramus, N.J.-based Movado Group, said Thursday it had entered a binding agreement to sell 95 percent of the company to a group led by independent watchmaker F.P.Journe, formally known as Montres Journe SA, with the participation of Chanel and veteran watch executive Pierre Jacques, formerly the chief executive officer of De Bethune.

Jacques will become CEO of the 95-year-old watchmaker. The American group, which makes timepieces for fashion brands such as Lacoste, Coach and most recently Kate Spade, will retain the remaining stake.

Under the terms of the $66.5 million deal, expected to close “in the next few months,” a newly formed subsidiary of Movado will take over trademarks and other intellectual properties and inventory.

Also included is Villa Turque, also known as Villa Schwob, a historic modernist house in watchmaking epicenter La-Chaux-de-Fond designed by French-Swiss architect Le Corbusier. Movado employees dedicated to the Ebel business will become employees of the new entity.

Efraim Grinberg, chairman and CEO of Movado, described Ebel as “a prestigious brand with a rich heritage, known for its carefully curated collections,” and said the American company was “very pleased to have found partners that share our appreciation for the brand and have an exciting vision for its future.”

“This transaction reflects the continued strategic discipline with which we are managing our portfolio and allocating our resources. It allows us to concentrate fully on executing our priorities across our watch and jewelry brands, while placing Ebel with owners who have the expertise, commitment and long-term perspective to unlock the full potential of this exceptional Swiss brand,” he continued.

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