Luxury group Kering has announced that it is divesting itself of their entire watches division to current management. The transaction is expected to be completed by the end of the first half of 2022 and will be lead by Patrick Pruniaux, who has been the CEO of Girard-Perregaux and Ulysse Nardin since 2018.

Kering (then PPR), acquired full ownership of Sowind Group SA (consisting of Girard-Perregaux and the JeanRichard sub brand) in 2011, purchasing Ulysse Nardin in 2014 and merging the activities of the brands in 2019.

Kering’s core business is in fashion, leather goods and jewellery (Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin), with some watch offerings within the Gucci and Boucheron brands.

Despite the historical strength of the Girard-Perregaux and Ulysse Nardin brands, Kering’s watchmaking category investment was relatively small for a luxury group whose priorities lay in their other areas, and they have had the challenge of competing against luxury groups with significantly larger watch interests.

The financial matters relating to the divestment will be reported in the accounts closed on December 31, 2021. The full press release can be read at this link.

[Image credit: Kering]

Categories: Girard Perregaux, Industry news, JEANRICHARD, Switzerland, Ulysse Nardin, watches, Watchmaking