Kering To Sell Girard-Perregaux and Ulysse Nardin

SHAREFrench luxury conglomerate Kering Group announced on Monday , that it will be selling its entire stake of Swiss brands Girard-Perregaux and Ulysse Nardin.

These two specialist watch manufacturers are operating under Sowind Group, which Kering first acquired a majority stake in 2008. The current management of Girard-Perregaux and Ulysse Nardin will become the owners of the two watch brands.According to the press release by Kering, “This transaction is in line with Kering’s strategy, giving priority to the Houses with the potential to become sizable assets within the Group, and to which it can provide decisive support over time”.

Under the management of Kering, both Girard-Perregaux and Ulysse Nardin had “revamped [its] product universe, launched new iconic models”. The distribution capabilities, visibility, and brand awareness of the respective brands also improved tremendously.“The extensive work carried out by the Group in recent years at Girard-Perregaux and Ulysse Nardin has laid the foundations for sustainable growth.

However, even when the global demand for Swiss-made watches is on the rise, Kering’s activity in the watch segment did not return to pre-pandemic levels. On the flipside, Richemont’s watch category grew by 29 per cent while LVMH’s grew four per cent. Kering will continue to offer high-end timepieces through Gucci, which has unveiled its first Swiss-made high watchmaking collection in celebration of its centenary anniversary.“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,” said Patrick Pruniaux, CEO of Girard-Perregaux and Ulysse Nardin since 2018.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Kering sells Girard-Perregaux, Ulysse Nardin to its current managementFrench fashion conglomerate Kering has announced the sale of watchmakers Girard-Perregaux and Ulysse Nardin.
Source: LuxuryDaily - 🏆 325. / 59 Read more »

Kering Just Sold Watch Brands Girard-Perregaux and Ulysse NardinThe brands are now owned in full by Sowind Group SA, which owns their Swiss watch manufactures.
Source: RobbReport - 🏆 309. / 63 Read more »

Kering sells Girard-Perregaux, Ulysse Nardin to its current managementFrench fashion conglomerate Kering has announced the sale of watchmakers Girard-Perregaux and Ulysse Nardin.
Source: LuxuryDaily - 🏆 325. / 59 Read more »

Kering Just Sold Watch Brands Girard-Perregaux and Ulysse NardinThe brands are now owned in full by Sowind Group SA, which owns their Swiss watch manufactures.
Source: RobbReport - 🏆 309. / 63 Read more »

Women in Motion Brings Vivian Maier Exhibition to ItalyKering is supporting the exhibition dedicated to photographer Vivian Maier, to be staged Feb. 9 to June 26 in the Sale Chiablese of the Royal Museums of Turin.
Source: wwd - 🏆 24. / 68 Read more »

Cramer Says Selling Not Done for Tech Stocks Trading at High Multiples to Sales: ‘Those Have Had It'“Tomorrow you got to do some selling…if you own stocks that are selling at a multiple to sales…those have had it,” said Cramer.
Source: NBCDFW - 🏆 288. / 63 Read more »