Richemont buys Italian jeweller Buccellati from Chinese group Gangtai Holding

On Friday, Swiss group Richemont, the world’s second-largest luxury group, announced the acquisition of Italian jeweller Buccellati from Chinese group Gangtai Holding, without disclosing the value of the transaction.

In a press release, Richemont stated that the acquisition was finalised on September 26 and will not have a telling impact on its consolidated net assets or operating result for the current financial year, ending on March 31 2020.

“Buccellati is one of the rare jewellery houses on the dynamic branded jewellery market that is complementary to our existing ones,” said Richemont’s President, South African billionaire Johann Rupert, cited in the press release.

Richemont, owner of Cartier and Van Cleef & Arpels, is the closest rival of French group LVMH, the luxury sector's number one group. Half of Richemont’s revenue is generated by its jewellery business.

Buccellati was founded in 1919 and is renowned for its jewellery, especially the Renaissance-inspired pieces, and for pioneering the use of goldsmithing techniques, notably hand-crafting gold pieces to look like lace.

In 2017, Buccellati was taken over by Chinese group Gangtai Holding, which bought the 85% stake in the jeweller previously held by the Clessidra investment fund and the Buccellati family.