Swiss luxury goods company Richemont has divested its stake of 20% in Greubel Forsey, a Swiss watchmaking company, for an undisclosed price, reported Reuters.

In a statement, Greubel Forsey revealed that, as of March 18, 100% of its shares are now owned by Robert Greubel and Stephen Forsey, its founding shareholders, along with chief executive Antonio Calce.

Established in 2004, the Swiss watchmaking company is said to specialize in highly complex timepieces. In 2006, Greubel Forsey offloaded a stake of 20% to Richemont.

Antonio Calce said: “This independence will allow Greubel Forsey to define the next stages of development and maturity with complete freedom.”

  Antonio Calce, Greubel Forsey, Richemont, Switzerland