PARIS – PPR is beefing up its watch business.The French retail and luxury conglomerate, which owns Italy’s Gucci Group, said it has sealed a long-term strategic partnership with Sowind Group, the Swiss holding company that owns luxury timepiece manufacturers Girard-Perregaux and JeanRichard.
Under terms of the agreement, PPR will take a 23 percent stake in Sowind with the possibility of increasing its shareholding in the future. Luigi Macaluso, chairman and chief executive officer of Sowind, will retain control of the company.
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