Chinese watch manufacturer China Haidian is now the sole owner of Swiss luxury watch maker Corum.

China Haidian acquired 100 per cent stake in Corum for 86 million Swiss francs (US$90.9 million).

“This strategic agreement fulfills the long term vision of both partners for the continued development and growth of the Corum brand,” said the company in a statement.

Corum CEO Antonio Calce said China Haidian is a partner of choice for Corum.

“We share the same personal and professional values. He immediately recognised the potential of a niche brand like Corum,” said Calce.

Founded in 1955 and based in La Chaux-de-Fonds, Switzerland, Corum is known for its gold and jewelled encrusted watches that start from 4000 francs.

China Haidian owns Chinese watch brands Ebohr and Rossini and Swiss brand Eterna which has a license to manufacture and distribute globally “Porsche Design” watches.