After months of speculation about the future of the two watch brands, French luxury goods group Kering today announced “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.”
Jean-François Palus, Kering’s Group Managing Director: “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.” Kering had aquired Ulysse Nardin in 2014, Sowind in 2011 (Girard-Perregaux and JeanRichard).
Patrick Pruniaux, since 2018 CEO of Girard-Perregaux and Ulysse Nardin: “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.”
The transaction is set to close by the end of the first half of the year, financial terms weren’t disclosed. Kering will continue to produce watches under the Gucci brand.
The full release can be found here.
Both brands have been in dire straights over the last few years. Ulysses Narrin has no brand identity but was once the go to marine grade chronometer in a ship.
GP have also been focussing backwards with watches that reflect old designs.
Let’s hope the new management can turn their fortunes around.
Much vision and long term goals need to be set…
This is why Rolex and Patek make what they want and are sold out world wide because they are innovators…