Buccellati sold to Gangtai Group

Buccellati has launched its new Opera collection, inspired by the house’s logo. The range’s central motif awakens Italian Renaissance culture: the ideal of absolute symmetry as expressed by the flower. Characterised by sinuous fine lines and harmonious forms, Opera is comprised of a wide range of pieces including bracelets, necklaces, rings and earrings in yellow, white and rose gold, some with pave diamonds. The collection also encompasses high jewellery pieces featuring cuffs, one-of-a-kind cocktail earrings and rings adorned with sapphires and emeralds.

Italian jewelery brand Buccellati and private equity fund Clessidra has sold an 85% stake of Buccellati Holding Italia to the Chinese conglomerate Gangtai Group.

The Buccellati family and Clessidra will retain a 15% stake in Buccellati.

Clessidra acquired a 67% stake in Buccellati in 2013 with the remaining 33% retained by the founding family. During the investment period, Clessidra and the family have made significant investments to further boost the image of the brand, expand its distribution network, support the product offering and strengthen the management structure.

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Managing director of Clessidra, Marco Carotenuto, comments: “We are particularly satisfied with the agreement reached with Gangtai Group. We have strongly supported Buccellati in the last three years achieving a 60% growth in revenues since acquisition. We believe that the company is now ready for a new growth cycle that Gangtai Group will support, considering also its experience in the jewelry market and its strong presence in China.”

Closing of the transaction is expected by the second quarter of 2017 and is subject to Chinese government approvals.

Chairman of Buccellati, Andrea Buccellati, adds: “Our family founded this company almost 100 years ago and will continue to be fully involved  to support its development, the creative mastery and production craftsmanship that enabled the establishment of a unique and recognizable style in jewellery and silverware. We welcome the commitment of Gangtai Group to invest significant resources to further develop the Buccellati brand and platform.”

Post-closing, Andrea Buccellati will retain his role as creative director and honorary chairman of Buccellati. Mr Gianluca Brozzetti will retain his role as chief executive officer of Buccellati. Other members of the Buccellati family will also retain their involvement in the business.

The deal team at Clessidra included Manuel Catalano (managing director), Marco Carotenuto (managing director) and Giulio Torregrossa (investment director). The sellers were advised by Mediobanca, Unicredit and Partners CPA as financial advisors and by law firms Gattai Minoli Agostinelli & Partners and Pedersoli e Associati for the legal aspects. The purchaser was advised by law firm Simmons & Simmons for the legal aspects. 

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