Richemont has sold its minority stake in Greubel Forsey, returning the high end watchmaker to independent status with 100% of its shares owned by its leadership team.
Confirming the news today, the business has regained full independence of both Greubel Forsey Holding SA and Greubel Forsey GFBI which according to CEO Antonio Calce, is news which opens creative doors for the brand.
Privately-owned independent watch brands have been outperforming rivals within the large groups over recent years.
LVMH’s TAG Heuer has been caught by Breitling.
Audemars Piguet has overtaken Patek Philippe and is closing in on Omega.
Artisans like F. P. Journe, Philippe Dufour, Gronefeld and Voutilainen are lighting up the auction world.
“This independence will allow the Greubel Forsey to define the next stages of development and maturity with complete freedom,” says the company’s CEO Antonio Calce.
Founded in 2004, Greubel; Forsey was owned by its founders until 2006, when it sold a 20% stake to Richemont.
Since then, shared ownership had been the case for the brand for sixteen years until Robert Greubel, majority shareholder and Chairman, Stephen Forsey, founding shareholder and Antonio Calce, CEO and Executive Board Member, regained complete control and independence.
The move will help the brand and Mr Calce on its mission to widen its audience base even further, something it had embarked on last year when looking to reduce the price point of its watches to target the $200k-$300k market.
