Chinese holding company, Gangsu Gangtai Group, has completed its acquisition of 85% of Italian jewellery brand Buccellati, announcing plans to expand the businesses internationally.
The other 15% stake is split between Italian investment company Clessidra and the brand’s previous owners, the Buccellati family.
The transaction values the company at 230 million euros(£207m). The Gangsu Gangtai Group says it plans to invest 200 million euros in the brand, which will go into opening new stores and investing in marketing and production.
With a focus on expanding the brand itnernationally, the Gangsu Gangtai Group aims to open 88 new monobrand stores around the world.
To ensure the continuity of the brand’s traditions, the core family members will keep their roles as managers within the company. Notably, Andrea Buccellati will remain as creative director and honorary chairman, and Gianluca Brozzetti will stay as chief executive officer.
Buccellati, founded in Milan in 1919, is one of the most prestigious Italian high-end jewelry brands renowned all over the world for its craftsmanship, design and originality. Buccellati jewels are globally admired, not only for their design, but also for the distinctive engraving techniques dating back to the ancient traditions of Italian goldsmiths’ workshops of the Renaissance.
The company already has a wide international presence particularly in Europe (especially in Italy, France and the UK) and in the United States, through both directly operated stores and distributors.