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Richemont Acquires Italian Jeweler Buccellati
Oct 2, 2019 8:41 AM
By Rapaport News
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RAPAPORT... 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.
Image: A Buccellati store at Place Vendôme in Paris. (Buccellati)
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Tags:
Buccellati, Cartier, Clessidra, Gangtai Group, Johann Rupert, Rapaport News, Richemont, Van Cleef & Arpels, Xu Jiangang
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