Gucci forms new watch division

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Gucci Group has announced it will create a division to oversee the development, manufacture and distribution of its luxury watches in order to improve synergies between brands.

"Through this new approach we will enhance our sales performance and deliver consistent, optimal service to our clients around the world," the company said in a statement.

Gucci, the third-biggest luxury goods group, said the new organisation would manage the watch businesses of its Gucci, Boucheron, Yves Saint Laurent and Bedat & Co divisions.

"Each division will retain control over the image of its individual brand to ensure the unique position in the market place, while Gucci Group Watches will be responsible for all other aspects of the watch businesses," the company said.