Luxury conglomerate Kering is buying 100 percent of Ulysse Nardin, the 168-year-old Swiss watch brand known for its advanced marine chronometers.
The current brand management will remain in place, Kering said.
The French multinational giant, formerly known as PPR, already owns several watch brands, including Boucheron, Girard-Perregaux, JeanRichard, Pomellato, Dodo, and Qeelin, as well as Gucci.
The brand will join Kering’s recently formed Luxury—Watches and Jewelry division, headed by Albert Bensoussan. The deal must be approved by regulators and will be finalized in the second half of the year.
The company was founded by Ulysse Nardin in 1846 and was relaunched in 1983 by Rolf W. Schnyder, who transformed it into a highly profitable business, according to Kering. Schnyder’s widow Chai will remain as board chair, the statement said.
“We have great ambitions for this company, and we will help it continue its international expansion whilst staying faithful to its roots and its identity,” François-Henri Pinault, Kering’s chairman and CEO, said in a statement.