Luxurious conglomerate Kering Group, which owns a wide range of trend manufacturers together with Gucci, Saint Laurent, Balenciaga, and Alexander McQueen, has introduced this morning that it’ll promote its whole 100% stake in each Girard-Perregaux and Ulysse Nardin to Sowind Group SA, the present administration group behind each manufacturers. Though the whole sale value has not but been reported, Kering intends to announce pricing particulars with its December 2021 account report. The deal is anticipated to be accomplished by summer time 2022.
Kering Group has owned a controlling stake in Girard-Perregaux since 2011 and Ulysse Nardin since 2014, overseeing the expansion and improvement of each manufacturers together with now-defunct Sowind Group SA model JeanRichard. The present administration for each corporations will stay in place, which ought to assist to easy the transition. It’s unclear at this level what impression this sale may have on the way forward for these two long-running nameplates, however Girard-Perregaux and Ulysse Nardin CEO Patrick Pruniaux seems optimistic, stating “On the sound foundations laid due to Kering’s help and investments, we now have the correct setup and assets to implement a plan able to guaranteeing the long-term improvement of each manufacturers.” Though the long-term outcomes of this deal usually are not but clear, this will likely show to be the start of a bigger pattern as massive conglomerates akin to Kering Group or Richemont break up and offload watch manufacturers, which might result in a much less monopolized extra various future for the Swiss watch trade. aBlogtoWatch will proceed to observe this story because it develops, and can report with updates as they turn into accessible. For extra particulars, go to Kering Group’s web site.