(IDEX Online) - Breitling has bought Universal Geneve, the lesser known but highly-prized luxury Swiss watch brand, with a promise to revive the company from "hibernation" to its former glory.It acquired the company from Stelux Holdings, the Hong Kong holding company that bought the brand in 1989. Breitling reportedly paid $70m, in a move that surprised industry experts.Universal Geneve was founded in 1894, originally as Universal Watch, and remained a popular choice for high-end watch buyers until the quartz revolution of the 1970s.Among its highlights was the 1927 Cabriolet which was considered the first reversible watch with an eight-day reserve and the three-calendar Tri-Compax, as gifted to USS President Harry Truman in 1945. It still operates as a niche brand. Breitling, also Swiss-based, aims to heighten its profile and restore the company to its heyday.Breitling CEO Georges Kern said: "As excited as we are, we are also fully aware of the task at hand and the profound heritage we are set to uphold."Rebuilding a brand with such a rich narrative is not a quick endeavor-it is a meticulous labor of love that we anticipate will unfold over the coming years."Pic shows Universal Geneve advertisements from the 1960s