Clessidra and the Buccellati have sold an 85 per cent stake of Buccellati Holding Italia (Buccellati) to the Chinese conglomerate Gangtai Group. Clessidra and the Buccellati family will retain a 15 per cent stake in Buccellati.
Buccellati, founded in Milan in 1919, is one of the most prestigious Italian jewellers. The company has a wide international presence especially in Europe and the United States with both direct stores and distribution agreements.
Clessidra acquired a 67 per cent stake in Buccellati in 2013 with the remaining 33 per cent 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.
Marco Carotenuto, Managing Director of Clessidra, says: “We are particularly satisfied with the agreement reached with Gangtai Group. We have strongly supported Buccellati in the last three years achieving a 60 per cent 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.”
Andrea Buccellati, Chairman of 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 jewelry and silverware. We welcome the commitment of Gangtai Group to invest significant resources to further develop the Buccellati brand and platform.”
Closing of the transaction is expected by the second quarter of 2017 and is subject to Chinese government approvals. Post-closing, Andrea Buccellati will retain his role as Creative Director and Honorary Chairman of Buccellati. Mr Gianluca Brozzetti will retain his role as CEO 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
