Kering to sell entire stake in Girard-Perregaux and Ulysse Nardin
Kering has agreed to sell its entire stake in Swiss watch manufacturers Girard-Perregaux and Ulysse Nardin to their current management.
Since Sowind Group become part of Kering in 2011, the brands have revamped their products, launched new models and reorganised their distribution with the opening of directly operated stores and the forging of stronger ties with leading watch distributors.
In a statement, Kering said the move is in line with its strategy as it looks to prioritise those brands with the potential to become sizable assets within the group, and to which it can provide decisive support over time.
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, chief executive 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.”
