Kering: Kering acquires the haute horlogerie brand Ulysse Nardin

       Kering: Kering acquires the haute horlogerie brand Ulysse Nardin

An innovative watchmaking business built on outstanding tradition and
manufacturing expertise

One of the few Swiss watchmakers to have its own production capacity for
critical watch components, particularly regulating systems

A highly profitable company with solid prospects for growth

Great synergies with the Kering 'Luxury - Watches and Jewellery' division

Paris (France) - Le Locle (Switzerland). Kering and Ulysse Nardin have  signed 
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  finalised 
during the second half of 2014.

Founded by Mr Ulysse Nardin in 1846 with its roots in the nautical world,  the 
eponymous watchmaking house was taken over and re-launched in 1983 by Rolf  W. 
Schnyder who transformed  it into a  highly profitable business  in a  healthy 
financial position. The  company benefits  from a very  strong brand  identity 
based   on   its   historical    expertise   in   marine   chronometers    and 
ultra-complication watches.  Ulysse  Nardin has  long  been one  of  the  most 
innovative independent watchmakers.  The brand  was a  pioneer in  the use  of 
cutting edge technologies and state-of-the-art materials like silicium,  which 
today ensures that it has  the in-house expertise, particularly in  regulating 
systems, to  produce  its  own  components.  Its  coherent  range  of  watches 
positioned in price segments that  are growing and its efficient  distribution 
network are also major assets.

This acquisition  constitutes  a  structural development  enabling  Kering  to 
strengthen its  'Luxury  - Watches  and  Jewellery' division  with  a  clearly 
positioned business  that complements  its other  brands. Over  and above  the 
opportunity for  Ulysse Nardin's  geographical  expansion, especially  in  the 
Asia-Pacific region, it will enable  the deployment of the numerous  synergies 
linked to Ulysse Nardin's technical and industrial expertise and its excellent
distribution network  - contributing  to accelerate  the growth  of the  whole 

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."

About Ulysse Nardin

Swiss Watch Manufacturer Ulysse Nardin, founded in 1846, has been dedicated to
excellence for over 168 years  in manufacturing mechanical watches. Among  the 
most reliable ever made, Ulysse Nardin's marine chronometers are still  sought 
by collectors around the world. Ulysse Nardin continues to be in the forefront
of watchmaking technology  by pioneering new  materials in manufacturing  high 
precision movement  components and  most innovative  timepieces equipped  with 
in-house created and manufactured calibers.

About Kering

A world leader  in apparel  and accessories,  Kering develops  an ensemble  of 
powerful Luxury and  Sport &  Lifestyle brands: Gucci,  Bottega Veneta,  Saint 
Laurent, Alexander McQueen, Balenciaga, Brioni, Christopher Kane, McQ,  Stella 
McCartney, Tomas  Maier,  Sergio  Rossi,  Boucheron,  Dodo,  Girard-Perregaux, 
JeanRichard, Pomellato, Qeelin, Puma, Volcom, Cobra, Electric and Tretorn.  By 
'empowering imagination' in the fullest sense, Kering encourages its brands to
reach their potential, in the most sustainable manner.

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, 

Kering contacts


Paul    Michon     +33    (0)1     45    64     63 

Hélène     Saint-Raymond      +33      (0)1      45      64      61 


Claire Roblet +  33 (0)1 45  64 61  49

Edouard Crowley  +  33  (0)1  45  64  63  28

Ulysse Nardin contact

Susanne Hurni   +41  32 930  74 03



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Source: Kering via Globenewswire
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