The two historic Swiss watch brands Girard-Perregaux and Ulysse Nardin come out of the Kering galaxy, the second luxury group in the world after LVMH. This was announced by a press release issued by the French group, which announced the agreement for the sale of 100% of its stake in Sowind, the company that owns the two brands, to the current management. Girard-Perregaux had been wholly owned by Kering since 2011, even though the group had already been present since 2008 with a minority shareholding; Ulysse Nardin arrived in 2014 (in the photos above, il Tourbillon con Three Flying Bridges, Aston Martin Edition, e il Torpilleur Moonphase)
The reasons for the operation
Jean-François Palus, general manager of Kering, explained that “the in-depth work carried out by the Kering group in Girard-Perregaux and Ulysse Nardin in recent years has laid the foundations for lasting growth. Kering has demonstrated the ability to create the conditions for the long-term development of the brands destined to leave the group itself, in the interest of their collaborators, partners and customers, as well as the territories in which they operate ».
The vision for the watch division
The group’s strategy is to concentrate resources on those brands that can become more and more central within it. From a watchmaking point of view, the investments made, for example, in Gucci, the flagship house of the Kering group, which in 2021 launched its first family of haute horlogerie products, and also unveiled its first mechanical movement made in-house.
The future of Girard-Perregaux and Ulysse Nardin
As for Girard-Perregaux and Ulysse Nardin, their long history will continue under the guidance of Patrick Pruniaux, president and CEO of both brands since 2018: “Thanks to the solid foundations built with the support and investments of Kering, today we have the means necessary to create a long-term project capable of ensuring the sustainable development of the two brands, “he explained.
At the fair in Geneva at the end of March
Ulysse Nardin will be among the protagonists of the next Watches and Wonders fair scheduled in Geneva from 30 March to 5 April. Finally, from Kering they announced that the operation will be completed in the first six months of 2022 and that the financial effects of this sale will be recognized in the financial statements closed on 31 December 2021.