Richemont Adds Italian Jewelry Brand Buccellati to its Portfolio

Jewelry
01/10/2019 15:20

Richemont luxury group has acquired 100% of Buccellati Holding Italia S.p.A., the owner of renowned Italian jewelry Maison Buccellati, in a private transaction with Gangtai Group Corporation Ltd, a privately held conglomerate. The price of the acquisition is undisclosed. With the takeover, the luxury conglomerate adds to its brand portfolio that includes Cartier, Van Cleef & Arpels, Piaget, Montblanc, Vacheron Constantin, Jaeger-LeCoultre and Baume & Mercier.

Buccellati was founded in Milan in 1919 by Mr Mario Buccellati. "The Maison has a rich history and patrimony, distinguished by exceptional craftsmanship and unique know-how," Richemont says in a press release. "Its jewelry creations are renowned for their highly distinctive look-and-feel evoking silk, damask, tulle and linen. All jewellery pieces are handcrafted with techniques dating back to the Renaissance, in Buccellati’s four in-house workshops, all located in Italy."

Commenting on the acquisition, Mr Johann Rupert, Chairman of Richemont, said: “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. Buccellati meets the needs of today’s customers who are looking for creative jewelry, with a highly distinctive style."

Gangtai Group acquired an 85 percent stake in the jeweler for an estimated $282 million. The transaction closed on 26 September 2019, and Richemont states it will have no material financial impact on their consolidated net assets or operating result for the year ending 31 March 2020. The results of Buccellati will be reported under the Jewellery Maisons business area.

Photo: Simon Martner