Gucci's PPR Acquires Sowind Group

 

Guccis Ppr Acquires Sowind Group2

Detail from Girard-Perregaux's Tourbillon Sous Trois Points d'Or

Gucci Group’s PPR Luxury Group has annouced it will take a majority stake in Swiss watchmaker Sowind Group, whose haute horlogerie brands include Girard-Perregaux and JeanRichard.

PPR will own 50.1 percent of the group, up from the 23 percent it previously owned, after a reserved capital increase that will be fully subscribed by PPR, it said in a statement.

PPR’s chief executive, François-Henri Pinault, will become chairman of Sowind Group, alongside Monica Mailander Macaluso, who will take the post of vice-chairman.

Commenting on the acquisition, François-Henri Pinault said: "This operation strengthens
PPR’s Luxury Group in the high-end watchmaking segment, thanks to the potential
of such a prestigious brand as Girard-Perregaux. The transaction will support
Sowind Group’s international growth regarding as well products development as
worldwide distribution."

"This agreement is part of a longstanding business project
defined with the Macaluso family, with whom we share an ambitious vision
regarding the long-term growth prospects of the high-end watchmaking segment.
In this regard, I’m glad to be able to count on Stefano Macaluso as General
Manager of Girard-Perregaux and on Massimo Macaluso as General Manager of
JeanRichard and Industrial development."

PPR

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