PARIS (Reuters) -Kering is shedding its watches division, with plans to sell high-end labels Girard-Perregaux and Ulysse Nardin to current management, a move that will allow the French luxury goods group to focus on activities in which it has scale. The transaction fits the company's strategy of prioritising labels "with the potential to become sizable assets within the group", Kering said in a statement on Monday. After being hit hard by the coronavirus pandemic, the high-end watches industry is showing signs of improvement, helping to fuel a 32% rise in sales of luxury group Richemont over the third quarter ending in December.
PRESS RELEASEJanuary 24, 2022 KERING ANNOUNCES THE SALE OF GIRARD-PERREGAUX AND ULYSSE NARDIN TO THEIR MANAGEMENT Kering announces the signature of an agreement to sell its entire stake (100%) in Sowind Group SA, which owns the Swiss watch manufacturers Girard-Perregaux and Ulysse Nardin, to its current management. With a long tradition in watchmaking, Girard-Perregaux and Ulysse Nardin have continuously evolved since their acquisition by Kering, while preserving their identity. Combining an inn
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