Billionaire Babyless Pro CEO Tommaso Taccetti said in a video interview with CNBC that he would be selling about 10 percent of his company in 2017.
The billionaire said he will use the proceeds to build his own company, Babylons Pro.
“I will invest $1.5 million in my own company and build my own brand,” Taccett said.
The company, which was founded in 1997, specializes in high-end jewelry, watches and sunglasses, among other products.
Babylones Pro, which has a market value of about $9 billion, employs about 250 people, according to the company’s website.
It is one of the biggest names in luxury watches, watches, and accessories in the U.S., Taccini said.
He said he planned to use the funds to buy new businesses and to expand his portfolio.
The video of Taccisi’s interview is available here.
Taccitts Pro said in an email that it was still evaluating its business and would make more announcements in the coming weeks.
“We are proud of our outstanding history and continue to look forward to the future,” it said.