Filip Tysander, founder of watch company Daniel Wellington, has sold his remaining shares to US watch giant Timex. The deal concludes 15 years after the company was started in Uppsala.
Tysander founded Daniel Wellington in 2011 in a basement premises in Uppsala. The company grew quickly with thin watches made in China and marketing via social media with celebrities.
The company peaked during 2016 and 2017 with profits totaling 1.8 billion kronor after financial items. Operations faced financial difficulties from 2019.
Timex has now purchased all of Tysander’s shares. The company’s CEO Tianhao Liu will continue to lead the firm within the Timex Group.
Tysander commented on the deal in a press release: “Seeing Daniel Wellington grow into a globally recognized brand has been an incredible journey.”