Gang­tai Group Ac­quires 85% Stake in Buc­cel­lati

Solitaire - - SPECTRUM -

Gangsu Gang­tai Hold­ing (Group) Co. Ltd, a Chi­nese group listed on the Shang­hai Stock Ex­change, signed the clos­ing of the ac­qui­si­tion of 85% stake in Buc­cel­lati Hold­ing Italia, which was pre­vi­ously held by Clessidra, a lead­ing pri­vate eq­uity funds firm in Italy, and the Buc­cel­lati fam­ily. The trans­ac­tion is based on an eq­uity value of €230 mil­lion for 100% of the com­pany.

Buc­cel­lati, founded in Mi­lan in 1919, is one of the most pres­ti­gious Ital­ian high-end jew­ellery brands renowned 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 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.

Be­sides the new Chi­nese share­holder, the deal, as an­nounced in De­cem­ber 2016, also pro­vides re­ten­tion of 15% stake di­vided be­tween Clessidra and the Buc­cel­lati fam­ily. To en­sure the con­ti­nu­ity of the brand’s tra­di­tions, the core fam­ily mem­bers will keep their roles as man­agers within the com­pany.

Fol­low­ing the nec­es­sary ap­provals by the Chi­nese gov­ern­ment, the clos­ing was an­nounced at a press con­fer­ence in Mi­lan, in the pres­ence of Xu Jian­gang, founder and chair­man of Gang­tai Group, An­drea Buc­cel­lati, who will main­tain his po­si­tion as cre­ative di­rec­tor and hon­orary chair­man, and Buc­cel­lati’s CEO Gian­luca Brozzetti, con­firmed to still be at the helm of the com­pany.

Xu Jian­gang com­mented, “We are ex­tremely glad to com­plete this trans­ac­tion. Our will is to main­tain Buc­cel­lati’s iden­tity while en­hanc­ing all of the el­e­ments which make it one of the best-known brands world­wide in the fine jew­ellery sec­tor, in­clud­ing its crafts­man­ship, de­sign and orig­i­nal­ity, which are the her­itage of Ital­ian jew­ellery.

“Our goal is to fur­ther im­prove the in­ter­na­tional pres­ence of this iconic brand. To this end, along with the man­age­ment team we have de­fined a five-year in­vest­ment plan of €200 mil­lion to sus­tain a strong growth in the ex­ist­ing mar­kets, namely Italy, Europe and North Amer­ica, and also to de­velop in the new mar­kets, such as China, Asia, the Mid­dle East and East Europe.”

An­drea Buc­cel­lati, hon­orary chair­man of Buc­cel­lati, added, “Our fam­ily cre­ated this brand al­most 100 years ago, es­tab­lish­ing its unique and recog­nis­able style in jew­ellery and sil­ver­ware us­ing our cre­ativ­ity and crafts­man­ship. We will con­tinue to de­vote our­selves to sup­port­ing its de­vel­op­ment.”

“It is the will of the new share­holder – An­drea Buc­cel­lati con­cluded – to pre­serve the com­pany’s unique­ness, es­pe­cially its ex­cel­lence, crafts­man­ship and qual­ity. In this re­spect, Gang­tai Group’s rec­om­men­da­tion to keep the pro­duc­tion in Italy rep­re­sents a solid com­mit­ment.”

Gian­luca Brozzetti, Buc­cel­lati’s CEO, com­mented: “In the last three years, un­der the guid­ance of Clessidra, we have achieved grat­i­fy­ing re­sults, with rev­enues in­creas­ing by over 60%. We be­lieve that we have laid the foun­da­tion for fur­ther growth, which will now ben­e­fit from the in­vest­ments from the new share­holder. Gang­tai will sup­port the open­ing of 88 new mono brand stores, along with other sig­nif­i­cant pro­duc­tion and mar­ket­ing in­vest­ments.

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