Gangtai Group acquires majority stake in Buccellati

The Chinese conglomerate has agreed to acquire an 85 percent stake in the high-end jeweller, owned up to date by Italian equity firm Clessidra.

The deal valued the Milan-based jeweller at 270 million euros, or 6.6 times its revenues, according to a source close to the matter cited by Reuters. The Buccellati family, who founded the company in 1919, will retain 15 percent, the same source added.

It’s worth recalling that Clessidra previously held talks to sell a controlling stake in Buccellati to Richemont but was unable to reach an agreement, according to Reuters.

Gangtai’s jewellery subsidiary, Gangsu Gangtai Holding (Group) Co. Ltd, is a leading Internet jewelry retailer in China and a major distributor of gold jewelry.