Gucci Timepieces was created in November 1997 when Gucci Group NV acquired the operating assets of the Severin Montres Group, one of the world's largest manufacturers and distributors of watches. Severin Montres, a Gucci licensee for 23 years, had developed an extensive directly operated distribution network in the United States, Canada, Hong Kong, the UK and Germany, as well as third party arrangements elsewhere.