Aug. 7, 2007 — Little Switzerland and NXP both own jewelry stores in the territory, and Little Switzerland’s sale to NXP shouldn’t affect existing stores, an official says.
Combine International is the parent company of NXP, which does business as Jewels and Azura by Jewels. It is set to buy 100 percent of the stock of Little Switzerland stores, said Anthony Wasserman, NXP’s marketing director. The sale is slated to close Aug. 31.
"The intent is to operate the two companies as they are," Wasserman said Tuesday. He does not know the purchase price, he said.
Jewels, Azura by Jewels and Little Switzerland all have stores in the Virgin Islands. Little Switzerland, currently owned by Tiffany and Co., first opened in 1954. It has 25 stores on 11 Caribbean islands and in Florida.
Little Switzerland will discuss the post-sale benefits of this transaction on its future financial results when its second-quarter financial statement comes out Aug. 30, said Little Switzerland Marketing Director Heidi Dettinger, according to a news release from the company.
NXP has 12 stores across the Caribbean, as well as catalog sales programs. It started in 1991 in the Virgin Islands.
Combine International has more than 4,000 employees worldwide in a variety of industries, according to a recent news release. They include technology, marketing services, logistics and retail distribution.
The transaction will help the company expand its distribution and build stronger relationships with valuable customers, said NXP President Hal Tayler. NXP's financial backing will bring growth, said Chris Cooper, chief executive officer at Little Switzerland.
"We are very confident that NXP is the right partner and optimistic about the future," Cooper said.
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