Kering group buys Ulysse Nardin
Ulysse Nardin Marine Divers
Kering (previously known as Pinault-Printemps-Redoute and PPR until 18 June 2013) and Swiss watch manufacturer Ulysse Nardin have announced the signing of an agreement for Kering to acquire 100% of the capital of Ulysse Nardin. The brand will join Kering’s ‘Luxury – Watches and Jewellery’ division, headed by Albert Bensoussan, and the management team will remain in place. The deal is subject to the consent of the competition authorities and should be finalized during the second half of 2014.
François-Henri Pinault, Kering’s Chairman and CEO, stated:
“Ulysse Nardin benefits from a rich heritage, high profitability and solid growth prospects. Independent high-end watchmaking manufactures are rare. This is an opportunity that we had to seize, particularly because this structural acquisition will enable us to take advantage of numerous synergies with our existing brands. We have great ambitions for this company and we will help it continue its international expansion whilst staying faithful to its roots and its identity. In this regard, I am pleased that Mrs Schnyder accepted to remain a member of its board of directors. I have long admired Ulysse Nardin and I am delighted that this brand is joining our ‘Luxury – Watches and Jewellery’ division.”
Mrs Chai Schnyder, Chairman of Ulysse Nardin’s Board of Directors, stated:
“Joining Kering is an opportunity for Ulysse Nardin. It will allow the brand to carry on with its international expansion and continue to innovate, while assuring the long-term future of its knowledge and expertise and the retention of its identity. I am delighted that Ulysse Nardin has found the best partner in Kering.”
Ulysse Nardin, becoming part of Kering’s Luxury – Watches and Jewelry division, will join other prestigious brands such as Girard-Perregaux, JeanRichard and others.
Kering is present in more than 120 countries, the Group generated revenues of €9.7 billion in 2013 and had more than 35,000 employees at year end. The Kering (previously PPR) share is listed on Euronext Paris (FR 0000121485, KER.PA, KER.FP).
Find the full press release at http://www.kering.com/en/node/8530
