French luxury goods group Kering said it had agreed to sell its Swiss watch manufacturing brands Girard-Perregaux and Ulysse Nardin to the management teams that run the watchmakers.

“The extensive work carried out by the Group in recent years at Girard-Perregaux and Ulysse Nardin has laid the foundations for sustainable growth,” said Kering group managing director Jean-François Palus in a statement.

“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,” he added.

By Sudip Kar-Gupta; Editor: Peter Graff

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