Richemont Buys Italian Jeweler Buccellati from Chinese Owners Gangtai

LONDON – Richemont, parent of Cartier and Van Cleef & Arpels, has acquired 100 percent of Buccellati Holding Italia S.p.A., the owner of Italian jeweler Buccellati, in a private transaction with Gangtai Group Corporation Limited. Chairman of Richemont Johann Rupert called Buccellati “one of the few maisons in the dynamic branded jewelry market which is complementary to our existing jewelry maisons, in terms of style, origins and craftsmanship. Buccellati meets the needs of today’s customers who are looking for creative jewellery, with a highly distinctive style.” He said it was “distinguished by strong heritage, craftsmanship and family spirit,” and that Richemont welcomed Andrea Buccellati, his family and his team. “We look forward to ensuring the long term development of this unique jewelry maison.” The terms of the deal were not disclosed and Richemont said Friday the transaction closed on Sept. 26. It will have no material financial impact on Richemont’s consolidated net assets or operating result for the year ending March 31, 2020. The results of Buccellati will be reported under the Jewelry Maisons business area on Richemont’s balance sheet. Buccellati was founded in Milan in 1919 by Mario Buccellati, and is known for its delicate, lacy and lattice like designs in gold and

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