Richemont recently announced that it had acquired 100% of Buccellati Holding Italia S.p.A., the owner of Buccellati, the renowned Italian jewellery Maison. The acquisition was made through a private transaction with Gangtai Group Corporation Limited, a privately held conglomerate, “which captures the growth in the consumer, culture, finance, and health industries”.

“Buccellati was founded in Milan in 1919 by Mr Mario Buccellati,” Richemont said when making the announcement. “The Maison has a rich history and patrimony, distinguished by exceptional craftsmanship and unique know-how. Its jewellery 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. Buccellati is also active in the fields of watchmaking and silverware.”

Commenting on the acquisition, 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 jewellery market which is complementary to our existing jewellery Maisons, in terms of style, origins and craftsmanship. Buccellati meets the needs of today’s customers who are looking for creative jewellery, with a highly distinctive style.”

Xu Jiangang, founder and Chairman of Gangtai Group, commented: “We are extremely glad to have successfully contributed to the introduction of the prestigious Buccellati brand in the Greater China market, strengthening Buccellati’s identity and enhancing all of the elements which make it one of the best-known brands worldwide in the fine jewellery sector. We are now honoured and proud that Richemont will continue the journey, ensuring Buccellati’s great success, starting from the celebration of its 100th Anniversary.”

For his part, Andrea Buccellati, Honorary Chairman and Creative Director of Buccellati, said: “We are proud to join Richemont, a family-spirited Group and nurturer of prestigious luxury Maisons, with an undisputed expertise in jewellery. We value their long term strategic thinking and look forward to seeing the potential of Buccellati realised as part of Richemont.”

Richemont clarified that the transaction, which closed on September 26, 2019, will have no material financial impact on Richemont’s consolidated net assets or operating result for the year ending   March 31, 2020; and that the results of Buccellati will be reported under the Jewellery Maisons business area of the Group.

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