// Kering to sell watches division
// The company has been working to bolster the watches business
Kering is to sell its watches division in a move that will allow the French luxury goods company to focus on other activities.
The group plans to sell high-end labels Girard-Perregaux and Ulysse Nardin to current management.
The transaction fits the company’s strategy of prioritising labels “with the potential to become sizable assets within the group,” Kering said.
READ MORE: Sales slow at Kering, with Gucci falling short of expectations
Kering, which owns brands Yves Saint Laurent and Bottega Veneta, reported revenue of £3.53 billion in the three months to the end of September, up 12.6% on a reported basis, and up 12.2% on a comparable basis.
The company has been working to bolster the watches business, streamlining distribution channels and overhauling product lines.
It shed around a quarter of the division’s staff in September 2020 as the pandemic prompted store closures and halted travel.
The move is likely to throw the spotlight on Kering’s potential for further M&A activity.
Speculations about a possible partnership between Richemont and Kering have been circulating, further fueled by LVMH’s takeover of US jeweller Tiffany.
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