Advanced Search

Chinese Group Buys Italian Luxury Jeweler

Dec 25, 2016 10:36 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

Chinese conglomerate Gangtai Group agreed to acquire an 85 percent stake in high-end jeweler Buccellati from Italian equity firm Clessidra, Reuters reported.

The deal valued the Milan-based jeweler at $282 million (EUR 270 million), or 6.6 times its revenues, Reuters cited a source as saying. The Buccellati family, who founded the company in 1919, will retain 15 percent, the report said.

Clessidra previously held talks to sell a controlling stake in Buccellati to Richemont, the owner of Cartier, but was unable to reach an agreement, according to Reuters. Buccellati has stores in the fashion capitals, including Milan, London, New York and Paris, and has seen revenue rise 60 percent since Clessidra took a majority stake in 2013, the source added.

Gangtai specializes in the consumer, culture, finance and health industries, according to Forbes. Its subsidiary, Gangsu Gangtai Holding (Group) Co. Ltd, is a leading internet jewelry retailer in China and a major distributor of gold jewelry, the magazine said.

Image: Moonik
Tags: Buccellati, Cartier, Clessidra, Gangsu Gangtai Holding (Group) Co. Ltd, Gangtai, Gangtai Group, Jewelry, luxury, Milan, Rapaport News, Richemont
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2021 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.