2023-07-31 23:41:58
Encouraged by 19% growth in the first quarter of its 2023/2024 financial year, Richemont has just announced that it has acquired a majority stake in the high-end brand Gianvito Rossi. A transaction that consolidates the fashion and accessories segment of the Swiss firm.
Richemont beefs up its fashion, accessories and other portfolio
While Kering has acquired 30% of the capital of Valentino, a new Italian house has just caught the eye of another luxury giant, Richemont. The group – Cartier, Van Cleef & Arpels, Piaget etc. – announced at the end of July that it had taken majority stake in Gianvito Rossia high-end footwear brand created in San Mauro Pascoli in 2006.
While neither the specific amount of shares nor the sum of the investment has been disclosed, founder, CEO and artistic director Gianvito Rossi is expected to retain a stake in the company and will work alongside Richemont in developing the business. The creator has also declared that he turned to the Swiss group because of his “expertise” and sound “global expansion model” to start the “next stage of growth” of the brand.
Within its “Fashion, Accessories and Other” department, Richemont notably includes the Alaïa, Chloé, Montblanc and Peter Millar brands. From April to June, i.e. the first quarter of Richemont’s 2023/2024 financial year, this segment weighed €662 million – an increase of +4% at actual exchange rates – in the company’s overall turnover, established at 5.32 billion euros over this period.
If the multinational mentioned that this private transaction would not have a financial impact on its consolidated assets or its operating result for the financial year 2023/2024, the latter should allow it to strengthen its presence in the Fashion category and to diversify its sources of income, mainly concentrated in its jewelery and watchmaking activities.
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