The world-renowned Italian high jewelry house, Buccellati celebrates its hundredth year as luxury goods holding company, Richemont has just acquired them. Founded in Milan in 1919 by Mario Buccellati, the brand was approached by Richemont back in 2016 in a failed attempt at acquisition according to a report from Reuters. Richemont owns both Piaget and Cartier and was established in 1988.
According to a statement issued by chairman of Richemont, Johann Rupert, the Italian jewelry house will make itself at home within the Swiss-based company's roster, despite it being predominantly luxury watch brands.
“Distinguished by strong heritage, craftsmanship and family spirit, Buccellati is one of the few maisons in the dynamic branded jewelry market that is complementary to our existing jewelry maisons, in terms of style, origins and craftsmanship,” said Rupert. “Buccellati meets the needs of today’s customers who are looking for creative jewelry, with a highly distinctive style. 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 jewelry maison.”
“We are proud to join Richemont, a family-spirited group and nurturer of prestigious luxury maisons, with an undisputed expertise in jewelry. We value their long term strategic thinking and look forward to seeing the potential of Buccellati realized as part of Richemont,” added honorary chairman and creative director of Buccellati, Andrea Buccellati.
The deal of ownership exchange was held between the privately held conglomerate, Gangtai Group Corporation Limited, and Richemont. Gangtai previously held an 85% stake in the Italian jewelry brand's shares back in August of 2017 according to Forbes.
The founder and chairman of Gangtai Group, Xu Jiangang spoke of Buccellati's impact on the Chinese market while expressing great joy for new owners, Richemont:
“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 jewelry sector. We are now honored and proud that Richemont will continue the journey, ensuring Buccellati’s great success, starting from the celebration of its 100th anniversary.”
Information originally sourced from Forbes.