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Kering has announced an agreement to sell its entire stake in Sowind Group SA, which owns the Swiss watch manufacturers Girard-Perregaux and Ulysse Nardin, to its current management.
Kering has held a 100% stake in the company, and the transaction is reportedly in line with Kering’s strategy to give priority to the houses with the “potential to become sizable assets” within the group, and to which it can provide “decisive” support over time.
While under Kering’s management, the group has revamped its product lines, launched new models, and reorganised its distribution with the opening of directly operated stores.
Kering said the group has supported the two houses in their development, “strengthened” their positioning and ensured they have “adequate” resources to finance their growth.
The luxury goods company reportedly has “confidence” in the management in place to “successfully” pursue the work undertaken.
Jean-François Palus, Kering’s group managing director, said: “The extensive work carried out by the group in recent years at Girard-Perregaux and Ulysse Nardin has laid the foundations for sustainable growth.
“Kering has demonstrated its ability to secure the conditions for the long-term development of entities leaving the group, in the interest of their employees, partners, customers and local communities.”
Patrick Pruniaux, CEO of Girard-Perregaux and Ulysse Nardin, added: “On the sound foundations laid thanks to Kering’s support and investments, we have the right setup and resources to implement a plan capable of ensuring the long-term development of both brands.
