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Created in 1846, Ulysse Nardin is based in one of Switzerland’s main watch production hubs, Le Locle, where Swatch’s Tissot and Richemont’s Montblanc watch brand and LVMH’s Zenith are also located.Kering, whose Gucci brand also makes watches, started investing in 2008 in independent watchmakers Girard Perregaux and Jeanrichard. It bought control of the brands in 2011 and had long since been hunting for new targets.Ulysse Nardin gives Kering greater legitimacy and weight in the watch making industry, analysts said, as the brand is one of the country’s few integrated producers http://www.okcheapjerseys.com, in terms of parts and movements.It will give Kering precious independence from the industry’s top supplier Swatch, which started whittling down deliveries to its main rivals in recent years.Kering Chief Financial Officer Jean Marc Duplaix did not give any financial details about the brand nor the deal. He would only say that the group paid a multiple of “over 13 times” annual earnings before interest, tax, depreciation and amortisation (EBITDA) for it and that talks went “very fast” and took place during the second quarter.Ulysse Nardin, whose marine inspired watches start at around 7,000 Swiss francs ($7,700), is estimated by industry experts to make annual sales of about 250 million Swiss Francs and produces some 30 wholesale nfl jerseys,000 units a year.”It fits all our criteria, in terms of growth potential and synergy potential for our other watch brand,” Duplaix said.Asked about the group’s trading update, Duplaix said Gucci had seen business recover in the second quarter in North America after bad weather hits sales during the previous three months but they had suffered in Hong Kong cheap nfl jerseys, Taiwan, Singapore and Japan.Duplaix said trends remained negative in mainland China, where Gucci was in the final phase of appointing a new chief executive.

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