French retailer and luxury goods giant PPR announced Monday the launch of a capital increase reserved for Group Sowind after which it will become the majority shareholder of the company with 50.1% of the capital.

Sowind Group, one of the few independent Swiss watch manufacturers with a presence in 60 countries including the brands Girard-Perregaux and JeanRichard.

PPR, which already held 23% stake in the company did not specify the amount of the transaction.

François-Henri Pinault declared: “this operation strengthens PPR’s Luxury Group in the high-end watchmaking segment thanks to the potential of such a prestigious brand as Girard-Perregaux.

PPR’s chief executive will become chairman of Sowind Group, alongside Monica Mailander Macaluso, who becomes vice-chairman.

The transaction will support Sowind Group’s international growth regarding as well products development as worldwide distribution.