Sowind Chairman Luigi Macaluso will retain control of the group and will join Gucci's management committee. "We are convinced that this agreement will create a number of important synergies for our watch brands and their further development," Robert Polet, Gucci Group CEO, said in a press statement. The deal comes weeks after PPR rival LVMH (LVMH. PA: Quote, Profile, Research, Stock Buzz) agreed to Sector Rubber Bracelet Watch buy Swiss watchmaker Hublot. The global luxury watch market is worth 18 billion euros ($28. 5 billion) a year, according to an estimate from Swiss bank Vontobel.
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