PPR announced in Paris today the appointment of Michele Sofisti as CEO of Sowind Group, effective immediately. He will be seconded by Stefano Macaluso, Managing Director for Girard-Perregaux, and Massimo Macaluso, Managing Director for JeanRichard and the Manufacture, who remain in their current positions. Sofisti will also continue to serve as Chief Executive Officer Gucci Group Watches and Jewellery, and Member of the Board of Directors of Gucci Timepieces Hong Kong, China, Taiwan and Japan. … [Read more...]
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Sowind Group and PPR jointly announced today the launch of a reserved capital increase of Sowind Group that will be fully subscribed by PPR. PPR will then become the majority shareholder of Sowind with a 50.1 % stake. PPR already owned a 23% share based on a strategic partnership agreement signed in 2008 when Sowind was controlled by Luigi Macaluso, who passed away in October last year. … [Read more...]
Richemont saw strong sales growth across all segments and geographic regions for the year ended March 31, with the specialist watchmakers posting record sales and profits despite the stronger Swiss franc. The group reported record cash flow from operations of €1.696 billion. Operating profit increased by 63%, double the rate of growth of sales, to €1.355 billion. … [Read more...]
For the most part, the Great Recession of 2009 pretty much mugged corporate sales and profits. In the watch sector, for example, the Bulgari and Movado groups reported red ink for the year. But there were exceptions to the battered sales and profits syndrome. Fossil, for one, had its most profitable year ever. Here’s a survey of the full-year results of publicly traded firms who are watch industry players. … [Read more...]