Glashütte Original is a German prestige and luxury watchmaking company founded in 1994 by the privatization of VEB Glashütter Uhrenbetriebe (GUB). GUB was an East German conglomerate formed in 1951 from the watch companies based in Glashütte. This included A. Lange & Söhne, founded in 1845, and now owned by Richemont. Glashütte Original is one of the few watchmakers that uses its own movements, and it has 10 proprietary movement innovations. Glashütte Original is currently owned by The Swatch Group.