‘Swiss-based luxury retailer Richemont has bought high-end jeweler Buccellati from China’s Gangtai Group.
Richemont, which also owns Cartier and Van Cleef & Arpels, closed the purchase of the 100% stake in the Italian jeweler last week. The luxury group reportedly tried to purchase an 85% share in Buccellati in December 2016 from its previous owner, Italian equity firm Clessidra, but lost out to Gangtai.
“Distinguished by strong heritage, craftsmanship and family spirit, Buccellati is one of the few maisons in the dynamic branded jewelry market which is complementary to our existing jewelry maisons, in terms of style, origins and craftsmanship,” Richemont chairman Johann Rupert said last week. “Buccellati meets the needs of today’s customers who are looking for creative jewelry with a highly distinctive style.”
Gangtai chairman Xu Jiangang noted the conglomerate was proud to have introduced the prestigious brand to the greater Chinese market. “We are now honored…that Richemont will continue the journey, ensuring Buccellati’s great success, starting from the celebration of its 100th anniversary,” he continued.
The acquisition will have no material impact on Richemont’s results for the fiscal year ending March 31, the Swiss group added.’
Source – Rapnet