Gucci Group’s PPR stated on Monday it was taking a majority stake in Swiss watchmaker Sowind Group, whose high-end brands include Girard-Perregaux and JeanRichard.
PPR will own 50.1 percent of the group, up from the 23 percent it previously owned, after a reserved capital increase that will be fully subscribed by PPR, it said in a statement.
PPR’s chief executive will become chairman of Sowind Group, alongside Monica Mailander Macaluso, who becomes vice-chairman.