From Italy to Switzerland via China. Another big name of Italian luxury "goes to live" beyond the Alps. The Swiss luxury house Richemont has bought the Buccellati jewelry by the Chinese of Gangtai Holding which in turn had taken over it 2 years ago.
The transaction amount was not disclosed, but the acquisition was finalized yesterday, September 26, and will not have a material impact on consolidated equity or operating income for the current year, Richemont said.
"Buccellati is one of the few houses” that “complements our existing jewelery houses“, said the chairman of Richemont, the South African billionaire Johann Rupert. “We welcome Andrea Buccellati, his family and his team. With them we share a culture of constant pursuit of creativity, innovation, quality and excellence. We look forward to ensuring the long-term development of this extraordinary jewelery house."
The group already owns Cartier and Van Cleef & Arpels and generates half of its turnover from the jewelery sector.
Satisfied too Andrea Buccellati, honorary president and creative director of the jewellery: “We are proud to join Richemont – he comments – a group that has undisputed expertise in the jewellery”.
Founded a hundred years ago, Buccellati is famous for its Renaissance-inspired jewelry and for some goldsmith techniques such as working with gold such as lace. In 2017 the company was sold to Gangtai, which bought 85% of the shares held by the Clessidra investment fund and by the Buccellati family.
