Richemont group is making waves and this time it has its eye firmly on Italian fine jewellery brand Buccellati. Currently, Buccellati is under Chinese ownership.
However, due to restrictions from the Chinese government regarding overseas investments, there have been delays. Yet despite this, the Milanese brand is pursuing its negotiations of sale with Richemont, according to the Italian press.
Founded in 1919 by the Buccellati family, the Italian jeweller. In 1919 Mario Buccellati opened the business and the subsequent development of stores in Milan, Rome and Florence. Then overseas businesses formed with the first appearing on Fifth Avenue in New York in 1954 followed by another in Palm Beach, Florida in 1958. The most notable historical event in the brand's history was In 1949, when Mario Buccellati was commissioned to create an icon by Pope Pius XII for Princess Margaret to mark the first visit of a British Royal to Vatican City within the century.
In 2013 the business was sold to Italian investment fund Clessidra. Then in In August 2017, Chinese conglomerate Gansu Gangtai Holding acquired an 85% stake for a sum of 270 million euros ($313 million), including all debt.
Interestingly enough Gansu Gantai planned to invest 200 million euros to expand Buccellati.
Through opening six stores in China alone this year, and a Beijing flagship store due to open imminently, which makes the sale an interesting turning point in Buccellati history. Buccellati operates 49 retail outlets between stores, retail corners and shops-in-shop, and is also distributed via 150 multi-brand retailers.
Richemont spending spree.
Richemont, which most famously owns Cartier, other jewellery and watch brands including Van Cleef & Arpels, Piaget and Vacheron Constantin, to name just a few. So Buccellati will fit neatly within this portfolio. Moreover, many keen-eyed observers will note Buccellati is currently stocked on Net-a-porter, another Richemont owned business.
To see more from the Buccellati collection, view here.