French luxury group Kering is selling its entire stake in the Sowind Group to the latter’s current management. Sowind Group is the owner of Swiss watch manufacturers Girard-Perregaux and Ulysse Nardin.
Prioritising larger brands
The sale is in line with Kering’s strategy to focus more on the luxury houses that have the “potential to become sizeable assets within the group.” The transaction is expected to be completed by the end of June 2022. Financial details have not been disclosed.
In a press release, Kering stated that the two brands have sufficient resources to finance their growth independently. The luxury house also says it has great confidence in the current management to continue that work successfully.
“Kering has demonstrated its ability to secure the conditions for the long-term development of entities leaving the Group, in the interest of their employees, partners, customers and local communities”, Managing Director Jean-François Palus said.
