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Buccellati Acquisition Completed
Shanghai-based Gangtai now holds an 85 percent stake in the Italian jewelry brand.
Milan--Gangsu Gangtai Holding (Group) Co. Ltd. has completed its acquisition of Buccellati Holding Italia.
In a joint press release sent out Tuesday afternoon, the two companies announced that Gangtai officially has signed on its acquisition of an 85 percent stake in the jewelry brand previously held by Italian private equity firm Clessidra and the Buccellati family.
The transaction is based on an equity value of €230 million ($271.5 million) for 100 percent of the company.
The remaining 15 percent stake will be divided between Clessidra and the Buccellatis, with members of the Buccellati family, including designer Lucrezia and Creative Director and Honorary Chairman Andrea, remaining with the company.
In addition, Gianluca Brozzetti is staying on as CEO.
Gangtai Group said Tuesday that it plans to sink €200 million ($236.1 million) into the Italian heritage brand over the next five years. That money will be used to open 88 new Buccellati stores and make “significant” investments in production and marketing.
Clessidra announced its intention to sell its stake in the Italian jewelry house back in December, but the deal was subject to approval from the Chinese government.
The closing was announced Tuesday at a press conference in Milan, the city where the brand was founded in 1919, with Gangtai Group founder and CEO Xu Jiangang, Andrea Buccellati and Brozzetti on hand.
Gangsu Gangtai Holding (Group) Co. Ltd. is one of China’s largest gold jewelry distributors and an online jewelry retailer. It is a publicly listed company on the Shanghai Stock Exchange and is a subsidiary of privately held conglomerate Gangtai Group.
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