We have just received word that the Kering luxury group, which owns a large list of brands such as Gucci, Girard-Perrgaux, Bottega Veneta and JeanRichard — will be acquiring watchmaker Ulysse Nardin.

According to Kering, “Kering and Ulysse Nardin have signed an agreement for Kering to acquire 100% of the capital of Ulysse Nardin. The brand will join Kering’s ‘Luxury – Watches and Jewellery’ division, headed by Albert Bensoussan, and the management team will remain in place. The deal is subject to the consent of the competition authorities and should be finalised during the second half of 2014.”