Richemont has sold a minority stake in Swiss watchmaker Greubel Forsey, making its founders and chief executive 100 percent shareholders.
Robert Greubel, Stephen Forsey and Chief Executive Antonio Calce are the full owners of the company’s shares, reported Reuters.
Greubel Forsey was founded in 2004 and is known for its complicated timepieces. Two years later Richemont was sold a stake for 20 percent stake, which it still owned at the time of publishing its fiscal year in May 2021.
"This independence will allow Greubel Forsey to define the next stages of development and maturity with complete freedom," Greubel Forsey CEO Calce said in a statement.
The pandemic has spurred demand for high-end exclusive timepieces and watchmakers, who, like other luxury brands, are taking back ownership of their companies, allowing for full control over sales, marketing and production.
The painstaking craftsmanship of a Greubel Forsey timepiece allows each component to tell tale. Each part has its own development process and journey that makes it unique, undergoing long hours of shaping from the raw material as it is guided by the human hand and eye.