Press release : Kering announces the sale of Girard-Perregaux and Ulysse Nardin to their Management
January 24 2022 - 02:30AM
Press release : Kering announces the sale of Girard-Perregaux and
Ulysse Nardin to their Management
PRESS RELEASEJanuary 24,
2022 |
|
KERING ANNOUNCES THE
SALE OF GIRARD-PERREGAUX
AND ULYSSE NARDIN TO THEIR MANAGEMENT
Kering announces the signature of an agreement
to sell its entire stake (100%) in Sowind Group SA, which owns the
Swiss watch manufacturers Girard-Perregaux and Ulysse Nardin, to
its current management.
With a long tradition in watchmaking,
Girard-Perregaux and Ulysse Nardin have continuously evolved since
their acquisition by Kering, while preserving their identity.
Combining an innovative approach to design and technical know-how,
they have revamped their product universe, launched new iconic
models, and reorganized their distribution, with the opening of
directly operated stores and stronger ties with the leading watch
distributors.
The Group has supported the two Houses in their
development, strengthened their positioning and ensured they have
adequate resources to finance their growth. It has confidence in
the management in place to successfully pursue the work
undertaken.
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.
"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," declared Jean-François
Palus, Kering’s Group Managing Director.
"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" declared Patrick Pruniaux, CEO of
Girard-Perregaux and Ulysse Nardin since 2018.
The financial impacts related to this disposal
will be reported in the accounts closed on December 31, 2021. The
transaction is expected to be completed by the end of the first
half of 2022.
About Kering
A global Luxury group, Kering manages the development of a series
of renowned Houses in Fashion, Leather Goods, Jewelry and Watches:
Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander
McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, Ulysse Nardin,
Girard-Perregaux, as well as Kering Eyewear. By placing creativity
at the heart of its strategy, Kering enables its Houses to set new
limits in terms of their creative expression while crafting
tomorrow’s Luxury in a sustainable and responsible way. We capture
these beliefs in our signature: “Empowering Imagination”. In 2020,
Kering had over 38,000 employees and revenue of €13.1 billion.
Contacts
PressEmilie
Gargatte
+33 (0)1 45 64 61
20 emilie.gargatte@kering.comMarie
de
Montreynaud +33
(0)1 45 64 62
53 marie.demontreynaud@kering.com
Analysts/investorsClaire
Roblet
+33
(0)1 45 64 61
49 claire.roblet@kering.comLaura
Levy
+33 (0)1 45 64 60
45 laura.levy@kering.com
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- Press release - Kering announces the sale of Girard-Perregaux
and Ulysse Nardin - 24 01 2022_vdef
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