Kering to sell entire stake in watchmaker firm Sowind Group SA

Luxury group Kering has announced it will be selling its entire 100 percent stake in Sowing Group SA, the owner of Swiss watch manufacturers Girard-Perregaux and Ulysse Nardin.

Set to be sold to its current management, Kering has said it has confidence in the group’s leadership to “successfully pursue the work undertaken”.

Kering acquired the watchmaking group in 2011, with plans to evolve the two manufacturers, reorganise their distribution and revamp their products. Through its support of the houses, the luxury firm has said that it has ensured both have the adequate resources to finance their growth with a strengthened positioning.

Kering offloads watch division

The transaction falls in line with Kering’s strategy to centre its priorities around the manufacturers to become sizeable assets within the group.

“The extensive work carried out by the group in recent years at Girard-Perregaux and Ulysse Nardin has laid the foundations for sustainable growth,” said Kering’s group managing director, Jean-François Palus, in a release.

He added: “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.”

The transaction is expected to be completed by the end of the first half of 2022.