January 24, 2022
Luxury conglomerate Kering Group, which owns a variety of fashion brands including Gucci, Saint Laurent, Balenciaga, and Alexander McQueen, has announced this morning that it will sell its entire 100 percent stake in both Girard-Perregaux and Ulysse Nardin to Sowind Group SA, the current management group behind both brands. Although the total sale price has not yet been reported, Kering intends to announce pricing details with its December 2021 account report. The deal is expected to be completed by summer 2022.
Kering Group has owned a controlling stake in Girard-Perregaux since 2011 and Ulysse Nardin since 2014, overseeing the growth and development of both brands along with now-defunct Sowind Group SA brand JeanRichard. The current management for both companies will remain in place, which should help to smooth the transition. It’s unclear at this point what impact this sale will have on the future of these two long-running nameplates, but Girard-Perregaux and Ulysse Nardin CEO Patrick Pruniaux appears optimistic, stating “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.” Although the long-term results of this deal are not yet clear, this may prove to be the beginning of a larger trend as large conglomerates such as Kering Group or Richemont break up and offload watch brands, which could lead to a less monopolized more diverse future for the Swiss watch industry. aBlogtoWatch will continue to monitor this story as it develops, and will report with updates as they become available. For more details, visit Kering Group’s website.