Richemont, the luxury conglomerate that owns brands like Cartier and Piaget, is expanding its fashion and accessories portfolio with the acquisition of a majority stake in Gianvito Rossi, an Italian high-end shoe brand. The exact details of the stake and investment have not been disclosed, but Gianvito Rossi’s founder, CEO, and artistic director will continue to have a stake in the company and collaborate with Richemont in its future development.
Richemont’s “Fashion, Accessories, and Others” division already includes brands like Alaïa and Chloé. In the first quarter of its 2023/2024 fiscal year, this segment generated €662 million in revenue, a 4% increase compared to the previous year. By acquiring Gianvito Rossi, Richemont aims to further strengthen its presence in the fashion industry and diversify its revenue sources, which currently heavily rely on jewelry and watchmaking activities.
The decision to partner with Richemont was driven by Gianvito Rossi’s desire for global expansion and access to the conglomerate’s expertise. By leveraging the Swiss group’s knowledge and resources, Gianvito Rossi hopes to enter the next stage of growth and solidify its position among luxury shoe brands.
This acquisition comes at a time when other luxury giants, such as Kering, are also investing in Italian fashion houses. Kering recently acquired a 30% stake in Valentino, highlighting the industry’s interest in Italian luxury brands.
Relevant links:
1. Gianvito Rossi Official Website
2. Richemont Official Website
