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Bloomberg
Richemont is acquiring Italian jewellery brand Buccellati to bolster its existing portfolio of Cartier and Van Cleef & Arpels.
The Swiss luxury-goods maker bought the Milan-based brand from Gangtai Group Corp, a Chinese investment company, for an undisclosed price. Luca Solca, an analyst at Sanford C Bernstein, said it probably paid less than the $250 million the Shanghai-based investment company paid for Buccellati several years ago.
The new addition strengthens Richemont’s position in
the branded-jewellery market. Jewellery has become more important for the company as it’s proven to be more resilient during economic downturns than watches. Richemont has been bolstering the unit, after Cartier introduced new lines such as Clash.