Richemont announced that it has acquired Buccellati Holding Italia S.p.A., the owner of Italian jewelry company Buccellati.
It purchased the business from Gangtai Group Corp. Ltd., a privately held conglomerate.
Financial terms of the deal, which closed on Sept. 26, were not disclosed.
Buccellati was founded in Milan in 1919 by Mario Buccellati. Its four in-house workshops are all located in Italy. The company is active not only in the field of jewelry but also in watchmaking and silverware.
“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,” said Johann Rupert, chairman of Richemont. “Buccellati meets the needs of today’s customers who are looking for creative jewellery, with a highly distinctive style.
“We welcome Andrea Buccellati, his family and his team. With them, we share a culture of constant quest for creativity, innovation, quality and excellence. We look forward to ensuring the long term development of this unique jewellery Maison.”
Xu Jiangang, founder and chairman of Gangtai Group, said: “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.”