July 4, 2011 / 3:57 PM / 8 years ago

PPR becomes majority shareholder of Sowind Group

PARIS, July 4 (Reuters) - French retailer and luxury goods giant PPR (PRTP.PA) said 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.

Terms were not disclosed.

Reporting by Helen Massy-Beresford; Editing by Christian Plumb

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