Richemont bidding for Chinese-owned Buccellati
Swiss luxury holding firm Richemont is in talks to acquire jewellery manufacturer Buccellati from Chinese holding company Gansu Gangtai.
The Chinese company took an 85 per cent shareholding in the Italian company a year ago for US$226 million, but the brand has performed poorly during the first half of this year. Gansu Gangtai’s initial plans to invest further in the brand have been scuttled by new restrictions in Chinese foreign investment and reported management difficulties.
The company is currently valued at $313 million under the proposed deal, in which a Qatari investor, Mayhoola, has also expressed interest.
Buccellati turns 100 next year and is known for its ornate, lush jewellery designs and bejewelled, golden iPad covers.
It operates physical stores in Shanghai and Beijing, as well as retailing online on JD.com.