Girard-Perregaux And Luxury Group PPR Form Strategic Partnership

Noted luxury group PPR has formed a long-term strategic partnership with the Sowind Group, a Swiss holding company headed by Luigi Macaluso.  The Sowind Group includes luxury watch firms Girard-Perregaux and JeanRichard, as well as the Sowind Manufacture, which produces movements.  Macaluso will retain control, while PPR will acquire a 23% stake in the Sowind Group, with its shareholder agreement stipulating the possibility of an additional increase for the future. The agreement gives the Girard-Perregaux and JeanRichard manufactures a means to fully develop their growth and technical development, by leveraging the resources of one of the world's leading luxury groups.  Meanwhile, PPR will be able to strengthen their position in the haute horlogerie sector, which is one of the most rapidly growing luxury categories.  The Gucci Group brands under PPR will have access to leading horological know-how, and will be able to have improved access to components for watches, including movements.  Under the terms of the partnership, Sowind's Luigi Macaluso will join the Gucci Group Management Committee, as well as the Boucheron Board of Directors, while PPR Chairman François-Henri Pinault and Gucci Group CEO Robert Polet will join the Sowind Board of Directors.

Luigi Macaluso, Chairman and CEO of the Sowind Group, commented: “I am extremely pleased to be able to work with a major group like PPR and, specifically, with the Gucci Group...Our varied and complementary skills are based on common values of excellence. This agreement will mean new synergies and new long-term projects.”

François-Henri Pinault, Chairman and CEO of PPR, stated: “I am pleased that the bonds between our two groups are being strengthened, as we build a joint future in one of the most prestigious sectors of the luxury goods business. The PPR and Sowind groups share the same entrepreneurial values passed on through long family tradition. I have a great admiration for Girard-Perregaux, a brand founded in 1791 whose identity and worldwide influence is exceptional.”


SOURCE: Girard-Perregaux