Richemont Acquires Italian Jeweler Buccellati

RAPAPORT... Swiss-based luxury retailer Richemont has bought high-endjeweler Buccellati from China's Gangtai Group. Richemont, which also owns Cartier and Van Cleef &Arpels, closed the purchase of the 100% stake in the Italian jeweler last week.The luxury group reportedly tried to purchase an 85% share in Buccellati inDecember 2016 from its previous owner, Italian equity firm Clessidra, but lostout to Gangtai. "Distinguished bystrong heritage, craftsmanship and family spirit, Buccellati is one of the fewmaisons in the dynamic branded jewelry market which is complementary to ourexisting jewelry maisons, in terms of style, origins and craftsmanship,"Richemont chairman Johann Rupert said last week. "Buccellati meets the needs oftoday's customers who are looking for creative jewelry with a highlydistinctive style." Gangtai chairman Xu Jiangang noted the conglomerate wasproud to have introduced the prestigious brand to the greater Chinese market."We are now honored...that Richemont will continue the journey, ensuringBuccellati's great success, starting from the celebration of its 100thanniversary," he continued. The acquisition will have no material impact onRichemont's results for the fiscal year ending March 31, the Swiss group added. Image: A Buccellati store at Place Vend??me in Paris. (Buccellati)