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Richemont sells its 20% stake in Swiss watchmaker Greubel Forsey -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – GreubelForsey logo is shown at “Salon International de la Haute Horlogerie”, Geneva, Switzerland on January 15, 2018. Photo taken January 15, 2018, REUTERS/Denis Balibouse

ZURICH (Reuters), – Richemont, a luxury goods company, has sold all 20% of Greubel Forsey’s Swiss watchmaker Greubel Forsey. Documents were shown on Thursday.

Greubel Forsey stated in a statement, that all brand shares now belong to founding shareholders Robert Greubel & Stephen Forsey and Chief Executive Antonio Calce as of March 18.

Greubel Forsey was founded in 2004 and specializes in complex timepieces. Richemont bought a 20% share of the company in 2006, and Richemont retained that interest through the fiscal years to May 2021.

Greubel Forsey CEO Calce declared in the statement, “This independence will enable Greubel Forsey… to determine the next phases of development and maturity without complete control.”

Richemont spokesperson confirmed the transaction without providing details.

French Luxury Group Launched in January Kering (PA:) Announced it would be selling its high-end watches labels Girard Perregaux and Ulysse Nardin under current management.

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