Majors

Luxury goods conglomerate snaps up Ulysse Nardin

MajorsJul 30, 2014

Luxury goods conglomerate snaps up Ulysse Nardin

Kering, which already owns Boucheron and Girard-Perregaux, has added another name to its jewelry and watch stable: Ulysse Nardin, a 168-year-old independent watch brand.  

Paris--Kering, which already owns Boucheron and Girard-Perregaux, has added another name to its jewelry and watch stable: Ulysse Nardin, a 168-year-old independent watch brand. 

The Paris-based luxury goods conglomerate formerly known as PPR announced that it was buying the Le Locle, Switzerland-based luxury watch company Wednesday when it released its financial results for the first half of 2014. The transaction is subject to the approval of competition authorities but is expected to be finalized by year’s end. 

According to a joint statement from the two companies, Ulysse Nardin’s management team will remain in place and Chai Schnyder, the chairwoman of the watch company’s board of directors, will remain a member of the board.  

Schnyder is the widow of Rolf W. Schnyder, who took over and re-launched Ulysee Nardin in 1983 but died unexpectedly in April 2011 following a brief illness. The company, which was founded by Swiss watchmaker Ulysee Nardin in 1846, is known for its marine chronometers and highly complicated timepieces. 

“Independent high-end watchmaking manufactures are rare,” Kering Chairman and CEO François-Henri Pinault said. “This is an opportunity that we had to seize, particularly because this structural acquisition will enable us to take advantage of numerous synergies with our existing brands. We have great ambitions for this company, and we will help it continue its international expansion whilst staying faithful to its roots and its identity.”

In the first half of the year, Kering’s Luxury division, which includes watches and jewelry, posted a 6 percent increase in sales based on comparable data, reflecting a solid performance at the company’s stores around the world. 

Total sales for Kering hit $6.3 billion, up from $6.27 billion in the prior-year period, a 4 percent increase with comparable structure at constant exchange rates. Recurring operating income increased 6 percent at comparable exchange rates. 

Pinault’s observations about the period mirror those that rival LVMH made last week: that economic conditions remain uncertain and that the company-owned stores are outperforming sales at the independent retailers that carry Kering’s brands. 

In the first half of the year, the Paris-based luxury goods conglomerate also reorganized, creating a specific division for jewelry and watches, Luxury--Watches & Jewellery, which is led by CEO Albert Bensoussan. He reports directly to Pinault. 

Kering owns watch brands JeanRichard and Girard-Perregaux along with jewelry brands Boucheron, Pomellato, Dodo and Qeelin, a Chinese brand.  

Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

Pantone color of the year 2024
TrendsDec 08, 2023
Pantone’s Color of the Year Is Warm and Fuzzy

The peachy hue also marks the program’s 25th anniversary.

Mary Tyler Moore and Elsa Peretti for Tiffany & Co. Bone Cuffs
AuctionsDec 08, 2023
Sotheby’s Sold All Mary Tyler Moore’s Jewelry

The 21 pieces up for auction, including Tiffany & Co. jewels and a Cartier watch, garnered more than $430,000 across two sales.

Inesa Kovalova’s Links pin
CollectionsDec 08, 2023
Piece of the Week: A ‘Strong & Precious’ Brooch

Centered on a sunny heliodor, the “Links” pin was designed by Ukrainian jewelry artist Inesa Kovalova.

De Beers | Diamonds Falling
Brought to you by
The Most Important “C” in Diamonds: Confidence!

Without the ability to instill confidence within the industry and directly to the consumer, a diamond holds very little value.

Rough diamonds from Alrosa
Policies & IssuesDec 07, 2023
The G7’s Long-Awaited Statement on Russian Diamonds Is Here

It provides a timeline for the implementation of new restrictions, but no details.

Weekly QuizDec 07, 2023
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
National Jeweler columnist Sherry Smith
ColumnistsDec 06, 2023
On Data: How Are Independents Doing So Far This Holiday Season?

Sherry Smith breaks down the numbers on jewelry sales in November and reveals the category that “emerged as a standout.”

133 carat yellow diamond
AuctionsDec 06, 2023
A Yellow Diamond, Hollywood Jewels Stand Out at Sotheby’s

Additional lots will be offered in the Fine Jewels online sale through Dec. 7.

Platinum  Guild International Diamond Rings
Brought to you by
If It’s Custom, Make It Platinum

With holiday proposals right around the corner, encourage your customers to go for platinum when making the big purchase.

GIA logo
GradingDec 06, 2023
GIA Debuts Revamped Graduate Jeweler Program

By mixing creative and practical skills, the new course hopes to fill the industry’s bench jeweler gap.

A 1930s gem-set and enamel ‘Maltese cross’ cuff attributed to Verdura for Chanel (left) and a loose cushion-cut Burmese sapphire weighing 11.87 carats (right) were the top lots in Bonhams New York Jewels auction this week.
AuctionsDec 06, 2023
Verdura Cuff, Burmese Sapphire Shine at Bonhams

Several other colored gemstones joined the pieces in the top 10 list.

Neil Lane lab-grown diamond engagement ring
FinancialsDec 05, 2023
Signet Jewelers’ Q3 Sales Down 12%

The retailer is still expecting a strong holiday season with improving demand for natural diamonds.

Memorial for slain jeweler Peter Damian Arguello in Wheat Ridge, Colorado
CrimeDec 05, 2023
Police Continue to Investigate Murder of Colorado Jeweler

Peter Damian Arguello, the owner of Peter Damian Fine Jewelry & Antiques, was shot and killed in an apparent robbery last week.

Tanishq store
MajorsDec 05, 2023
Tanishq Continues U.S. Expansion With 2 New Stores

The Indian jewelry giant has opened locations in Houston and Frisco, Texas.

Grandview Klein Diamonds Namibia scholarship winners
SourcingDec 05, 2023
Grandview Klein Awards Two Scholarships in Namibia

Each student was provided with the full amount of tuition for the Namibia University of Science & Technology.

De Beers Ryan Perry and David Prager
SourcingDec 04, 2023
David Prager To Leave De Beers in 2024

Ryan Perry, who has been with De Beers since 2002, also will be leaving the company next year.

Chrono24 ChronoPulse
WatchesDec 04, 2023
Chrono24 Debuts the ‘Dow Jones’ for Luxury Watches

The watch seller’s new index tracks sales data from 14 brands, including Rolex and Patek Philippe.

David Bouffard Signet Jewelers
MajorsDec 04, 2023
David Bouffard to Leave Signet, RJC

The industry veteran will step down from both roles in April 2024.

David Webb turquoise and lapis ring
TrendsDec 04, 2023
Amanda’s Style File: Decadent December

Tanzanite, turquoise, and zircon are all options for December babies, who sometimes “get the birthday shaft,” Amanda Gizzi writes.

Lightbox x Roséate Light Wand pendants
Lab-GrownDec 01, 2023
Lightbox Teams Up With Brand Founded by Former Tiffany Exec

The lab-grown diamond brand also collaborated with the website The Future Rocks on a collection launching today.

Lila Moss Calvin Klein campaign
FinancialsDec 01, 2023
Movado Lowers Guidance Again After Q3 Sales Dip

The company said it is facing a “challenging retail environment” but is prepared for the holiday season.

Muzo emerald and argyle pink diamond necklace
CollectionsDec 01, 2023
Piece of the Week: Muzo’s Emerald and Argyle Pink Diamond Necklace

It’s the hero piece of the newest "Green Jewel" collection, a collaborative offering from the two mines.

Pink Supreme Diamond
AuctionsNov 30, 2023
This Pink Diamond Reigned Supreme in Hong Kong

The 15.48-carat fancy intense “Pink Supreme” topped Christie’s fall jewelry auction in Asia, while a Patek Philippe led the watch sale.

Claire’s CFO COO Chris Cramer
MajorsNov 30, 2023
Claire’s Hires Former Bath & Body Works Exec as CFO, COO

Chris Cramer, who also spent time at Gen Z intimates brand Parade, will take on the dual role.

133 carat yellow diamond
AuctionsNov 30, 2023
Sotheby’s To Auction 133-Carat Yellow Diamond

The stone headlining the upcoming sale could fetch up to $5 million.

Kwiat diamonds
IndependentsNov 30, 2023
Frank Adams Rolls Out Kwiat’s ‘Mine to Shine’ Program

The retail offering lets customers track their diamond’s journey.

Diamond development hub in Angola
SourcingNov 29, 2023
Largest New Diamond Mine of the Decade Coming Online in Angola

The Luele mine is expected to eventually make the country the world’s third-largest diamond producer.

Holiday shoppers holding bags
SurveysNov 29, 2023
Holiday Shoppers Broke a Record This Weekend, Says NRF

From Thanksgiving through Cyber Monday, 200.4 million consumers shopped online and in stores.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy