A statement from the Group asserted that this transaction is in line with Kering’s strategy, giving priority to Houses with the potential to become sizable assets within the Group, and to which it can provide decisive support over time.

Kering Group Managing Director Jean-François Palus said: “The extensive work carried out by the Group in recent years at Girard-Perregaux and Ulysse Nardin has laid the foundations for sustainable growth. Kering has demonstrated its ability to secure the conditions for the long-term development of entities leaving the Group, in the interest of their employees, partners, customers and local communities.”

The financial impacts related to this disposal will be reported in the accounts closed on December 31, 2021. The transaction is expected to be completed by the end of the first half of 2022.