Luxury goods group Richemont has sold its entire 20% stake in Swiss watchmaker Greubel Forsey, documents showed on Thursday.

Greubel Forsey said in a statement that 100% of the brand's shares are now owned by founding shareholders Robert Greubel and Stephen Forsey as well as by Chief Executive Antonio Calce, as of March 18.

Founded in 2004, Greubel Forsey specialises in very complicated timepieces. In 2006 it sold a 20% stake to Richemont - which owns Cartier and other luxury brands - and Richemont still owned that stake during the fiscal year to May 2021, the group's annual reports showed.

"This independence will allow Greubel Forsey to define the next stages of development and maturity with complete freedom," Greubel Forsey CEO Calce said in the statement.

A spokesperson for Richemont confirmed the transaction, but gave no details.
In January, French luxury group Kering announced it was selling it high-end watch labels Girard-Perregaux and Ulysse Nardin to current management.