Richemont buys italian jeweler Buccellati

| October 14th, 2019

Richemont buys italian jeweler Buccellati
"Richemont buys italian jeweler Buccellati"

Luxury conglomerate Richemont has acquired Buccellati Holding Italia S.p.A., the owner of Buccellati, the famed Italian jeweler, for an undisclosed price.The transaction closed on Sept. 26, Richemont said.

Richemont also owns Cartier and Van Cleef & Arpels, as well as a long list of watch brands, including A. Lange & Söhne and Baume & Mercier. It had reportedly been looking into buying the jeweler since last year.

The Milan-based brand had previously been owned by Gansu Gangtai Group, which in August 2017 acquired 85% of the company in a deal estimated at $271 million. The other 15% was owned by its founding family.

But the acquisition proved short-lived, lasting little more than two years.

macri-Buccellati

In a statement, Xu Jiangang, founder and chairman of Gangtai Group, said he was proud that his company boosted the brand in China and made it one of the best-known jewelry brands in the world.

The Buccellati brand is celebrating its 100th anniversary this year; it was founded in Milan in 1919 by Mario Buccellati. It is known for its handmade jewelry, and also sells watches and silverware.

The company also owns a network of retailers, including U.S. stores in New York City; Chicago; Aspen, Colo.; Beverly Hills, Calif.; Houston; and Bal Harbour and Palm Beach, Fla.

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Source JCK Online

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