HAUTE HORLOGERIE:
PPR BECOMES MAJORITY SHAREHOLDER OF SOWIND GROUP
The transaction allows PPR’s Luxury Group to strengthen its presence in the haute horlogerie segment while supporting Sowind Group’s international development. Sowind
Group includes the Haute Horlogerie brands Girard-Perregaux and JeanRichard. Francois-
Henri Pinault becomes Chairman of Sowind Group, alongside Monica Mailander Macaluso, who becomes Vice-Chairman.
La Chaux-de-Fonds (Switzerland) ­ Paris (France) ­ July 4, 2011. Sowind Group and PPR jointly announced today the launch of a reserved capital increase of Sowind Group that will be fully subscribed by PPR. PPR will then become the majority shareholder of the company with a 50.1 % stake. PPR already owned a 23 % share based on a strategic partnership agreement signed in 2008 with Sowind Group, then controlled by Luigi Macaluso since 1992.
Sowind Group, which is one of the last independent Swiss watchmaking manufactures, has a presence in 60 countries, namely with the Girard-Perregaux and JeanRichard brands.
François-Henri Pinault declared: « this operation strengthens PPR’s Luxury Group in the high- end watchmaking segment thanks to the potential of such a prestigious brand as Girard-
Perregaux. The transaction will support Sowind Group’s international growth regarding as well products development as worldwide distribution. This agreement is part of a longstanding business project defined with the Macaluso family, with whom we share an ambitious vision regarding the long-term growth prospects of the high-end watchmaking segment. In this regard, I’m glad to be able to count on Stefano Macaluso as General
Manager of Girard-Perregaux and on Massimo Macaluso as General Manager of JeanRichard and Industrial development. »
« Our choice to see PPR play a bigger role alongside us is fully consistent with my husband’s decision in 2008 to consolidate a financial and managerial partnership that would give to an haute horlogerie house like ours the means to grow on the international market », stressed
Monica Mailander Macaluso. « For this reason, our direct involvement in the Group’s management remains unchanged, just as our determination to provide our partners with the best know-how, as well in terms of technological innovation as regarding the definition of strategic guidelines for the creation, development and sale of products ».

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