Pomellato Buys Minority Stake In Italian Goldsmith Company
The Milan-based jeweler's goal is to strengthen its production capacity through the partnership with Costanzo & Rizzetto.
MILAN — Pomellato is acquiring a minority stake in Costanzo & Rizzetto, a Valenza, Italy-based goldsmith company.
Through this long-term partnership, the goal of Pomellato, controlled by Kering, is to strengthen its production capacity.
This is the first such deal for the Milan-based jewelry firm. Financial details were not disclosed.
“This is a fundamental step for the development of Pomellato,” said chief executive officer Sabina Belli. “We are very happy that Davide Costanzo and Gregorio Rizzetto have become our partners. The path ahead of us is exciting and each of our expertise tied to the future synergies will contribute to take a step forward in all of our production processes.”
Pomellato is eyeing further growth through the experience of Costanzo & Rizzetto's team, joining forces to enhance its jewelry made by hand.
Costanzo and Rizzetto's parents were the owners of two companies that produced and set precious jewelry pieces in the '70s in Valenza, a key jewelry manufacturing hub in Italy.
In 1994, Davide Costanzo married Elena
Rizzetto, who is Gregorio's sister and in 2008, Davide and Gregorio decided to set up a business venture called Costanzo e Rizzetto srl, combining craftsmanship and technological innovation. The company has been working with some of the most prestigious international jewelry houses. The production cycle is carried out entirely in-house.
Within its workshop, artisans cast and manufacture gold pieces — using 18-karat, 14k and 9k gold in any color — and items in silver, platinum and palladium. Costanzo & Rizzetto has a special competence in creating enamel work, applying geometrical or pictorial motifs.
For years, Belli has highlighted the craftsmanship of Pomellato and the Italian goldsmith tradition.
In 2018, Pomellato unveiled its partnership with the Galdus Goldsmith Academy, whereby the company supported the school financially, all the while providing experts to teach at the school, structuring seminars and offering apprenticeships to students.
The high-education programs aimed at training the next generation of goldsmiths — spanning three to seven years — secured the support of the Lombardy region and recognizes the students with a certificate as Specialized Craftsmanship Technicians for Manufactured Goldsmith Goods.
The latter is recognized not only in Italy but also throughout Europe.
Italy has seen a wave of merger and acquisition activity of late, as luxury brands are aiming to protect the country's manufacturing pipeline and ensure business continuity. Most recently, wool mill Gruppo Piacenza SpA bought the storied Lanificio Fratelli Cerruti, which marked its 140th anniversary last year.
Pomellato was founded by the late
Pino Rabolini in 1967, translating the concept of ready-to-wear into jewelry, introducing the idea of pieces chosen by women for themselves.
Kering took control of Pomellato in
2013, further building the brand's storied collections such as Montenapoleone; Iconica — the first ring introduced by Rabolini; Sabbia; M'Ama Non M'Ama and Nudo and leveraging its colored gems, sleek designs — cocooning rings, chain bracelets and necklaces in gold or pink gold — and Milanese goldsmith tradition and craftsmanship. In 1995, Rabolini launched the more accessible label Dodo, a fun collection of animal-shaped charms.
Pomellato is gearing up to next year celebrate the 20th anniversary of Vincenzo Castaldo as creative director of the brand.