Chinese Group Buys Italian Luxury Jeweler
Chinese conglomerate Gangtai Group agreed to acquire an 85 percent stake in high-end jeweler Buccellati from Italian equity firm Clessidra, Reuters reported.
The deal valued the Milan-based jeweler at $282 million (EUR 270 million), or 6.6 times its revenues, Reuters cited a source as saying. The Buccellati family, who founded the company in 1919, will retain 15 percent, the report said.
Clessidra previously held talks to sell a controlling stake in Buccellati to Richemont, the owner of Cartier, but was unable to reach an agreement, according to Reuters. Buccellati has stores in the fashion capitals, including Milan, London, New York and Paris, and has seen revenue rise 60 percent since Clessidra took a majority stake in 2013, the source added.
Gangtai specializes in the consumer, culture, finance and health industries, according to Forbes. Its subsidiary, Gangsu Gangtai Holding (Group) Co. Ltd, is a leading internet jewelry retailer in China and a major distributor of gold jewelry, the magazine said.