Kering acquires Ulysse Nardin

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Kering net income profit increased by 7% to $248 million (EUR 185 million); however, recurring net income from continuing operations fell 4.7 percent to $743 million (EUR 555 million). Kering announced that it signed an agreement to acquire Ulysse Nardin. The brand will become part of Kering's luxury, watches and jewelry division, which is headed by Albert Bensoussan. The transaction is subject to the approval of the competition authorities and is expected to complete during the second half of 2014.