Kering will sell the watch manufacturers Girard-Perregaux and Ulysse Nardin | Photo credits: ROMUALD MEIGNEUX/SIPA
PARIS (Agefi-Dow Jones)–The luxury group Kering announced on Monday that it has signed an agreement to sell its stake in the company Sowind Group SA, which owns the Swiss watch manufacturers Girard-Perregaux and Ulysse Nardin, to its management team. current.
“This operation is part of Kering’s strategy to give priority to houses with the potential to reach a significant size at group level and to which it can provide decisive support over the long term,” the company said. in a press release.
Kering did not disclose the amount or the financial impact of this transaction. However, the company indicated that these impacts would be recognized in the accounts closed on December 31, 2021.
The transaction is expected to close by the end of the first half of 2022, the company said.
-Julien Marion, Agefi-Dow Jones; +33 (0)1 41 27 47 94; [email protected] ed: VLV
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January 24, 2022 02:43 ET (07:43 GMT)