Chinese conglomerate Gangtai Group has purchased an 85 percent stake in Italian jeweller Buccellati, a recent report revealed.
Private equity firm Clessidra earlier acquired 67 percent of the jeweller in 2013. After the sale to Gangtai, Clessidra and the Buccellati family will retain a 15 percent stake in the brand, a report from Luxury Daily said.
Marco Carotenuto, managing director of Clessidra, was quoted in the report as saying: “We have strongly supported Buccellati in the last three years, achieving 60 percent growth in revenues since acquisition. We believe that the company is now ready for a new growth cycle that Gangtai Group will support, considering also its experience in the jewelry market and its strong presence in China.”
Founded in Milan in 1919, Buccellati has built a solid international presence and is known for its coloured gemstone and diamond jewellery pieces in bold and artistic designs.