23 Dec '16, 3pm

Clessidra sells majority stake in Buccellati to China’s Gangtai Group https://t.co/y0x6nQZudv

Clessidra sells majority stake in Buccellati to China’s Gangtai Group https://t.co/y0x6nQZudv

The family of Italian jeweler Buccellati has announced that an 85 percent stake in the company has been sold to Chinese conglomerate Gangtai Group. Private equity firm Clessidra acquired a 67 percent stake in the brand in 2013, and the firm itself was purchased by Italmobiliare in May after its founder died suddenly in the beginning of 2016 for a reported $22.8 million (see story ). Under Gangtai Group, Clessidra and the Buccellati family will retain a 15 percent stake in the brand. Growing investment Buccellati was founded in Milan in 1919 and is considered one of Italy's most prestigious jewelers. Buccellati has an international presence and is especially strong in the European and United States market through its network of direct and wholesale distribution. When Clessidra acquired Buccellati the private equity had a 67 percent stake while the founding family retained 3...

Full article: https://www.luxurydaily.com/clessidra-sells-majority-stak...

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