Richemont, the Swiss luxury goods group, and Audemars Piguet, the prestigious Swiss watch manufacturer, today announced that they have entered into an agreement to co-ordinate their respective positions and work together in the context of the recently announced proposed sale by Mannesmann of its subsidiary, Les Manufactures Horlogères (‘LMH’).

LMH is the owner of International Watch Co. and Lange & Söhne, together with a 60 per cent interest in Jaeger-LeCoultre. Audemars Piguet collaborates closely with LMH at an industrial level and owns the remaining 40 per cent of the shares in Jaeger-LeCoultre. The agreement does not in any way impact the continued independence of Audemars Piguet.

Richemont and Audemars Piguet have agreed that the terms of their agreement shall remain confidential and, given the pending disposal by Mannesmann of its watch brands, have no further comment to make at this time.