PPR (a French multinational holding company active in the production and sale of branded and luxury goods, to which the Gucci Group also belongs) has concluded a long-term strategic agreement with Luigi Macalauso's Sowind Group (owner of Girard-Perregaux e JeanRichard). According to the agreement, PPR will hold 23% of Sowind's shares, with the possibility to increase its participation according to the terms of the contract. Luigi Macaluso will retain control of the company. The agreement will allow PPR and Girard-Perregaux to combine their know-how and share their expertise in R&D, design, brand management, distribution network and supplies. Luigi Macaluso will become a member of the Gucci Group's Management Committee and of Boucheron's Board of Directors. François-Henri Pinault (Charmain and CEO of PPR) and Robert Polet (President and CEO of the Gucci Group) will become directors of the Sowind Board of Directors.
This long-term agreement gives the Girard-Perregaux (one of the last independent Swiss brands) and JeanRichard brands the means to fully exploit their potential for growth and innovation by collaborating with a major player in the luxury goods sector. For PPR, on the other hand, the agreement confirms the Gucci Group's objective to establish a strong presence in the Haute Horlogerie segment. The Gucci Group's other watch brands (including Gucci and Boucheron) will thus also benefit from significant expertise in the field and new sources of supply for watch components.
