The rumors of the past few days have found confirmation: the hard-luxury specialist Richemont Financial Company acquired a controlling stake in the Italian brand Gianvito Rossi. The stake acquired and the value of the deal were therefore not disclosed. What is known is that the founder of the homonymous label, born in 2006, will remain in the company with a minority stake and will continue to follow the development of the maison in partnership with the Geneva group. As anticipated, the operation confirms the speculations of the past few days, which already gave Richemont the ‘winner’ in the head-to-head with Otb to take over the San Mauro Pascoli footwear brand.
“I found in Richemont a partner who shares values such as maximum attention to quality, design and craftsmanship and the safeguarding of the tradition handed down from generation to generation – commented Gianvito Rossi, founder, CEO and creative director of the company of the same name – . I have chosen them to continue developing the brand worldwide thanks to their experience and global expansion model. Our partnership will be beneficial to the company’s next phase of growth.”
As disclosed in the note, the transaction will have no financial impact on Richemont’s consolidated net assets or operating results for its full fiscal year, which will end on March 31, 2024. Gianvito Rossi’s performance will be reported under ‘Other Business‘, where the fashion houses and accessories appear. Closing of the deal is subject to regulatory approvals.
“Gianvito Rossi is an exceptional maison with a unique savoir-faire in the world of footwear,” he added. Philippe Fortunato, CEO of Richemont’s Fashion & Accessories division. Fortunato explained to Italian press sources that at the moment there will be no production synergies for the other brands of the group (the Richemont fashion segment includes, among others, Chloé, Alaia e Delvaux): “In fact, we don’t buy a production capacity but a brand. The goal is to take it to an even higher level, taking the right timing.”
Gianvito Rossi closed 2022 at 99 million euros (+35% on 2021).
In the full year ended on March 31st, Richemont, the parent company of Cartier, Van Cleef & Arpels and Vacheron Constantin, among others, instead recorded sales of 19.95 billion euros, up 19% and exceeding 19.6 billion expected by the consensus of analysts of the Zurich stock exchange.