Kering: Kering acquires the haute horlogerie brand Ulysse Nardin
An innovative watchmaking business built on outstanding tradition and
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
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.
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,
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
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
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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
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