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On July 28, the luxury goods giant announced that it had acquired a majority stake in Milan-based shoemaker Gianvito Rossi.
According to the world’s third-largest luxury group, this news will have no impact on its recently announced quarterly financial results.
Cartier’s parent company hopes to strengthen its smaller fashion and accessories division.
An undetailed transaction
The Richemont Group has just acquired a majority stake in Gianvito Rossi, an Italian luxury footwear company founded in 2006 by the son of shoemaker Sergio Rossi.
Based in Milan and hailing from San Mauro Pascoli in Emilia-Romagna – a key region for Italian craftsmanship – the House is renowned for its refined design, exceptional craftsmanship and unwavering commitment to quality.
One of these latest models – Jewelry – appears with its curved straps as a veritable 3D declination of the world of jewelry in a pair of shoes.
Philippe Fortunato, Managing Director of Richemont’s Fashion & Accessories division, welcomed the announcement, praising “an exceptional house with unique expertise in the world of footwear. Its core values of uncompromising quality, elegance and timelessness [being, incidentally] perfectly aligned with Richemont’s values.”
For his part, designer Gianvito Rossi retains his role within the company as founder, managing director and creative director.
Designer Gianvito Rossi retains his role within the company as Founder, Managing Director and Creative Director.
Gianvito Rossi is delighted with the financial strength and distribution network development prospects offered by the change in his company’s capital.
Neither the amount of the transaction nor the details of the shareholding were disclosed by the luxury group.
The Rossi clan is a well-known target for luxury groups.
The company of the father, Sergio Rossi, was acquired in 2005 by Gucci Group (a subsidiary of Kering, then PPR) before being sold in June 2021 to FFG (Fosun Group), the leading Chinese investor in European high-end fashion and accessories brands.
A strategic move into fashion accessories
According to the results for the first quarter of the Richemont Group’s new financial year, announced on July 17, the fashion and accessories division accounts for 12.5% of total sales, valued at 5.3 billion euros.
A segment on the rise – according to the latest published results (+6% at constant exchange rates).
But the group has not always had a happy hand in the external growth strategy of its fashion division.
Richemont acquired luxury e-commerce platform Yoox Net-a-porter in 2019, before selling back 47.5% of its shares in 2022, resulting in a 2.7 billion asset write-down.
With this new strategic move, the Group hopes to expand and strengthen its fashion offering, which already includes Belgian leather goods manufacturer Delvaux, as well as American sportswear specialist Peter Millar, and Germany’s Montblanc for its writing instruments and pens. Added to this are the French fashion houses Chloé and Alaïa, and the English Dunhill.
It is also the first luxury footwear specialist to join the Swiss luxury group.
Analysts estimate the value of this latest acquisition at 400 million euros.
The idea is to beef up a fashion and accessories division in which its competitors LVMH and Kering are much stronger and more present.
Nevertheless, the day after the announcement, the markets gave a timid welcome to the news (-0.3%).
Read also > Richemont falls on the stock market after disappointing quarterly results
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On July 28, the luxury goods giant announced that it had acquired a majority stake in Milan-based shoemaker Gianvito Rossi.
According to the world’s third-largest luxury group, this news will have no impact on its recently announced quarterly financial results.
Cartier’s parent company hopes to strengthen its smaller fashion and accessories division.
An undetailed transaction
The Richemont Group has just acquired a majority stake in Gianvito Rossi, an Italian luxury footwear company founded in 2006 by the son of shoemaker Sergio Rossi.
Based in Milan and hailing from San Mauro Pascoli in Emilia-Romagna – a key region for Italian craftsmanship – the House is renowned for its refined design, exceptional craftsmanship and unwavering commitment to quality.
One of these latest models – Jewelry – appears with its curved straps as a veritable 3D declination of the world of jewelry in a pair of shoes.
Philippe Fortunato, Managing Director of Richemont’s Fashion & Accessories division, welcomed the announcement, praising “an exceptional house with unique expertise in the world of footwear. Its core values of uncompromising quality, elegance and timelessness [being, incidentally] perfectly aligned with Richemont’s values.”
For his part, designer Gianvito Rossi retains his role within the company as founder, managing director and creative director.
Designer Gianvito Rossi retains his role within the company as Founder, Managing Director and Creative Director.
Gianvito Rossi is delighted with the financial strength and distribution network development prospects offered by the change in his company’s capital.
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On July 28, the luxury goods giant announced that it had acquired a majority stake in Milan-based shoemaker Gianvito Rossi.
According to the world’s third-largest luxury group, this news will have no impact on its recently announced quarterly financial results.
Cartier’s parent company hopes to strengthen its smaller fashion and accessories division.
An undetailed transaction
The Richemont Group has just acquired a majority stake in Gianvito Rossi, an Italian luxury footwear company founded in 2006 by the son of shoemaker Sergio Rossi.
Based in Milan and hailing from San Mauro Pascoli in Emilia-Romagna – a key region for Italian craftsmanship – the House is renowned for its refined design, exceptional craftsmanship and unwavering commitment to quality.
One of these latest models – Jewelry – appears with its curved straps as a veritable 3D declination of the world of jewelry in a pair of shoes.
Philippe Fortunato, Managing Director of Richemont’s Fashion & Accessories division, welcomed the announcement, praising “an exceptional house with unique expertise in the world of footwear. Its core values of uncompromising quality, elegance and timelessness [being, incidentally] perfectly aligned with Richemont’s values.”
For his part, designer Gianvito Rossi retains his role within the company as founder, managing director and creative director.
Designer Gianvito Rossi retains his role within the company as Founder, Managing Director and Creative Director.
Gianvito Rossi is delighted with the financial strength and distribution network development prospects offered by the change in his company’s capital.
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