Watch, jewelry brand sells for £60 million.

EUROPE- Movado Group has purchased JLB Brands, owner of the Olivia Burton watch and jewelry brand.

Founded by Lesa Bennett and Jemma Fennings in the U.K. in 2011, the company was sold for £60 million.

According to Movado, Olivia Burton’s revenue increased 64 percent to £15 million in the FY ending March 31, and is expected to generate approximately £25 million in net sales through March 2018.

The sale, funded in cash, completed on July 3.