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PARIS, June 9 (Reuters) - French retail group PPR (PRTP.PA: Quote, Profile, Research, Stock Buzz) is buying a 23 percent stake in Swiss luxury watch manufacturer Sowind Group, which includes the Girard-Perregaux brand, PPR said on Monday.PPR (PRTP.PA: Quote, Profile, Research, Stock Buzz), which owns fashion house Gucci, could increase its stake in Sowind as part of a long-term partnership which aims to help Gucci establish itself in the high-end watch segment. It gave no financial details.Sowind Chairman Luigi Macaluso will retain control of the group and will join Gucci's management committee."We are convinced that this agreement will create a number of important synergies for our watch brands and their further development," Robert Polet, Gucci Group CEO, said in a press statement.The deal comes weeks after PPR rival LVMH (LVMH.PA: Quote, Profile, Research, Stock Buzz) agreed to buy Swiss watchmaker Hublot.The global luxury watch market is worth 18 billion euros ($28.5 billion) a year, according to an estimate from Swiss bank Vontobel. (Reporting by Jessica Mead; Editing by David Holmes)

Girard-Perregaux is offering a one-of-a-kind ww.tc luxury watch for the Only Watch '09 charity auction. The third edition of this charity timepiece auction will support the development of research on therapeutic treatments for children afflicted with Duchenne Muscular Dystrophy. For the first time, this watch features a combination of a fly-back chronograph and the hours of the world, with a ceramic case and a new dial. For the dial, GP has chosen Monaco to represent Europe on the ring displaying 24 world time cities. The high tech case is composed of two parts; a black ceramic case and an inner titanium container. Black ceramic gives the watch a sporty look while being extremely light and resistant. Placed under the High Patronage of HSH Prince Albert II of Monaco, the charity auction night will take place in the Principality on September 24, 2009. During this summer, a world tour organized by Patrizzi & Co Auctioneers will showcase the whole Only Watch '09 collection - unique pieces and prototypes - in Shanghai, Geneva, London, New York, Milan and Monaco.