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  division.    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,  KER.FP).      Kering contacts    Press  Paul    Michon     +33    (0)1     45    64     63  48 paul.michon@kering.com  Hélène     Saint-Raymond      +33      (0)1      45      64      61  20 helene.saint-raymond@kering.com    Analysts/investors  Claire Roblet +  33 (0)1 45  64 61  49  claire.roblet@kering.com  Edouard Crowley  +  33  (0)1  45  64  63  28  edouard.crowley@kering.com    Ulysse Nardin contact    Susanne Hurni   +41  32 930  74 03      shurni@ulysse-nardin.ch      Website: www.kering.com PRKering_UlysseNardin_30July2014  ------------------------------------------------------------------------------  This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Kering via Globenewswire HUG#1843974  
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