WatchesJan 24, 2022
These Were the Top 5 Watch Brands of 2021 on Chrono24MajorsJan 25, 2022
Kering Sells Girard-Perregaux, Ulysse Nardin
The watch brands will be sold to their management teams.
Kering is selling its stake in Sowind Group, which owns watch brands Girard-Perregaux and Ulysse Nardin. (Image courtesy of Girard-Perregaux’s Facebook page)
Paris—Kering is selling two of its watch brands, Girard-Perregaux and Ulysse Nardin.
The luxury conglomerate announced Monday it has signed an agreement to sell its stake in Sowind Group, which owns the two brands.
Kering said the sale is in line with its strategy of prioritizing brands that potentially could become “sizable assets.”
The company partnered with Sowind Group, the parent company of Girard-Perregaux, in 2008 and initially held a minority interest in the company.
Kering, then known as PPR, acquired a majority stake in Sowind in 2011.
In 2014, Kering acquired then-independent Swiss watch manufacturer Ulysse Nardin and brought it under the Sowind umbrella.
“With a long tradition in watchmaking, Girard-Perregaux and Ulysse Nardin have continuously evolved since their acquisition by Kering, while preserving their identity,” said Kering, lauding the brands for their “approach to design and technical know-how.”
Related stories will be right here …
The luxury conglomerate announced Monday it has signed an agreement to sell its stake in Sowind Group, which owns the two brands.
Kering said the sale is in line with its strategy of prioritizing brands that potentially could become “sizable assets.”
The company partnered with Sowind Group, the parent company of Girard-Perregaux, in 2008 and initially held a minority interest in the company.
Kering, then known as PPR, acquired a majority stake in Sowind in 2011.
In 2014, Kering acquired then-independent Swiss watch manufacturer Ulysse Nardin and brought it under the Sowind umbrella.
“With a long tradition in watchmaking, Girard-Perregaux and Ulysse Nardin have continuously evolved since their acquisition by Kering, while preserving their identity,” said Kering, lauding the brands for their “approach to design and technical know-how.”
Under Kering’s ownership, the brands launched new models, opened their own directly operated stores, reorganized distribution, and strengthened ties with watch distributors.
“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,” said Patrick Pruniaux, CEO of Girard-Perregaux and Ulysse Nardin.
The brands have adequate resources to fund their growth, Kering said, adding the company is confident in the new management.
“The extensive work carried out by the group in recent years at Girard-Perregaux and Ulysse Nardin has laid the foundations for sustainable growth,” said Jean-François Palus, Kering’s group managing director.
“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.”
The transaction is expected to close by the end of the first half of 2022.
The financial impacts of the sale will be reported in the results for the fiscal period ending Dec. 31, 2021, set to be released Feb. 17.
More on Majors
The Latest
ColumnistsJan 21, 2025
Peter Smith: Sales Training’s Dirty Little SecretPeter Smith pulls back the curtain on the often misinterpreted, and sometimes maligned, world of sales training.
TrendsJan 21, 2025
Amanda’s Style File: Decadent Mocha MoussePantone’s 2025 Color of the Year takes the form of jewelry through gemstones and enamel that look just as delicious as mocha mousse.
Policies & IssuesJan 21, 2025
These Designers and Retailers Are Raising Money for LA Wildfire Relief From raffles to auctions to donations, the industry is working to aid charities in Los Angeles amid the raging wildfires.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
SourcingJan 21, 2025
Diamonds Do Good Adds 2 Board MembersJulia Hackman Chafé and Monica Elias have joined the organization’s board of directors.
Weekly QuizJan 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsJan 17, 2025
Richemont’s Jewelry Sales Rise 14% in Holiday QuarterThe company, which owns Cartier and Van Cleef & Arpels, had a record Q3, with sales topping $6 billion.
CollectionsJan 17, 2025
Piece of the Week: Picchiotti’s Transformable ‘Classic Blue and Green’ NecklaceThe necklace features a sapphire drop weighing more than 9 carats that detaches to transform into a ring.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
IndependentsJan 16, 2025
Lux Bond & Green to Open Sixth LocationThe 127-year-old jeweler is planning to open a new store in Mystic, Connecticut.
WatchesJan 16, 2025
Timex Launches Collection of National Park WatchesThe watches’ dials feature artwork celebrating the vibrant energy and unique landscapes of six of America’s national parks.
AuctionsJan 16, 2025
Elizabeth Taylor’s Diamond Line Bracelet Going up for Auction Offered by U.K. auction house Woolley & Wallis, the yellow diamond bracelet was a gift from Taylor’s good friend Michael Jackson.
Events & AwardsJan 16, 2025
JCK Las Vegas 2025 Open for RegistrationThe jewelry trade show returns to The Venetian Expo and The Venetian Resort in Las Vegas from June 6 to 9.
EditorsJan 15, 2025
The Jewelry I’d Bid On in Christie’s Iris Apfel AuctionAssociate Editor Natalie Francisco highlights her favorite fashion jewelry pieces from the upcoming “Unapologetically Iris” auction.
Policies & IssuesJan 15, 2025
JVC Debuts Guide to Americans with Disabilities Act ComplianceThe online guide is available for free and written with the jewelry industry in mind.
Events & AwardsJan 15, 2025
Jose Hess Design Awards Open for SubmissionsThe awards honor the late Jose Hess, a founding member of AJDC and an award-winning jewelry designer.
GradingJan 14, 2025
GIA CEO, President Susan Jacques to Retire at the End of 2025The grading lab said the search for her successor is underway.
ColumnistsJan 14, 2025
Jules Kim: Building Bridges Between Creators and IndustryIn this special op-ed, designer Jules Kim calls on big brands to collaborate with independent creators instead of copying their designs.
GradingJan 14, 2025
Former SSEF Director Henry A. Hänni DiesA pioneering figure in gemology, he is remembered for his spirit of generosity, curiosity, and joy.
FinancialsJan 14, 2025
Signet Jewelers Lowers Q4 Guidance After Holiday Sales Fall ShortThe peak selling days leading up to Christmas did not meet the jewelry retailer’s expectations.
MajorsJan 14, 2025
Edouard Schneider Joins Messika as Chief Brand OfficerSchneider brings over 20 years of luxury and fashion industry experience to his role as a key member of the brand’s global leadership team.
SourcingJan 13, 2025
Zambia Reinstates 15% Export Duty on Precious Gemstones, Shocking GemfieldsGemfields said the Zambian government revoked the 2019 suspension of the tax with no warning.
TechnologyJan 13, 2025
Ultrahuman Unveils Luxury Smart RingWith versions in 18-karat gold and platinum, the wearables company is blending health technology and fine jewelry.
Policies & IssuesJan 13, 2025
Brandee Dallow Elected President of Ethical MetalsmithsThe executive brings more than two decades of industry experience to the role.
IndependentsJan 13, 2025
The Seven Pops Up in Palm BeachThe New York City-based retailer is bringing its curation of jewels to a pop-up shop at Love Binetti in Palm Beach, Florida.
Policies & IssuesJan 10, 2025
Jewelers Relief Fund Reopened to Aid Victims of LA Fires Created by JA and DCA, the fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.
TrendsJan 10, 2025
Piece of the Week: Elsa Jin’s ‘Mozi’ BroochAdrien Brody received his first Golden Globe while wearing the “Mozi” brooch, which depicts a spill of traditional Chinese calligraphy ink.
SourcingJan 10, 2025
De Beers, GJEPC Partner to Promote Natural DiamondsThe pair will work together to support independent retailers in India with marketing assets, training materials, and other tools.
