From a purely structural point of view, the challenge is not easy. The Sowind Group is majority owned by the French luxury group Kering (ex-PPR) but the Italian Macaluso family are still heavily involved in the company. It is perhaps unsurprising, therefore, that the Sowind Group has a penchant for Italian executives, having appointed Michele Sofisti to turn around its Girard-Perregaux brand in particular.

After the departure of Mr Sofisti late last year, the challenge now passes to another Italian, Antonio Calce, the former CEO of Corum. As the new CEO of the Sowind Group, he will be responsible for the Girard-Perregaux and Jeanrichard brands, both of which have turned the corner over the past two years. As part of this challenge, Calce will also have to reconcile the expectations of the Sowind Group with the return on investment required by the publicly listed Kering Group, whose Luxury Watches & Jewellery division, headed up by Albert Bensoussan, comprises the Ulysse Nardin and Boucheron watch brands as well as those of the Sowind Group.

“I am delighted to welcome Antonio at Sowind and within the Kering Group,” commented Mr Bensoussan. “His extensive  experience in the Haute Horlogerie and in the luxury watches sector and his deep knowledge of its industrial and commercial stakes, will allow him to fully support the brands’ growth on international markets.”