By Cecilia Butini

French luxury company Kering said Monday that it has agreed to sell Sowind Group SA, which owns Swiss watch makers Girard-Perregaux and Ulysse Nardin, to their management.

The transaction--in which Kering is disposing of its entire stake in Sowind Group--is slated to close by the end of the first half of 2022, the company said.

The deal's financial impact will be included in the accounts closed on Dec. 31, 2021, Kering said, adding that the deal is in line with its strategy to prioritize companies that can become sizable assets within the group.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

January 24, 2022 03:02 ET (08:02 GMT)

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