The French luxury goods group Kering SA is streamlining its portfolio. On Monday, the group announced that it would sell all shares in the previous subsidiary Sowind Group SA, which owns the Swiss watch brands Girard-Perregaux and Ulysse Nardin, to the company’s management. According to Kering, a corresponding agreement has already been signed, and the transaction should therefore be completed in the first half of the year.
The parent company of the fashion brands Gucci and Yves Saint Laurent explained that the separation was decided as part of the current strategic guidelines. Accordingly, Kering wants to prioritize those brands that can potentially be of great value to the group in order to promote them decisively in the long term.
“The extensive work that the Group has done at Girard-Perregaux and Ulysse Nardin in recent years has laid the foundation for sustainable growth,” said Jean-François Palus, the Group’s Group Managing Director, in a statement. “Kering has demonstrated an ability to create the conditions for long-term development of companies leaving the group – on behalf of their employees, partners, customers and local communities.”
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