Luxury group Kering announces sale of Girard-Perregaux and Ulysse Nardin divisions

Luxury group Kering is streamlining its watches division with plans to sell its entire stake in Sowind Group SA, the owner of Swiss watch manufacturers Girard-Perregaux and Ulysse Nardin to its current management.The transaction is in line with Kering’s strategy to give priority to the houses with potential to become sizeable assets within the group, and to which it can provide decisive support over time.

Kering said in a statement that it has confidence in the group’s leadership to "successfully pursue the work undertaken", with the transaction expected to be completed by the end of the first half of 2022.

The watchmaking group was acquired by Kering in 2011, with plans to evolve the two manufacturers, reorganise their distribution and revamp their products. The luxury group added that it has ensured both houses have adequate resources to finance their growth.

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."