Richemont has acquired a controlling stake in Gianvito Rossi, the renowned Italian luxury shoe brand, in a private transaction.
Gianvito Rossi, the founder, CEO, and creative director of the eponymous brand, will retain a stake in the business and continue to work with Richemont to develop the Maison.
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Headquartered in Milan, the luxury shoe brand was founded in 2006 in San Mauro Pascoli, drawing on the longstanding tradition of luxury shoemaking in the artisanal heart of the district.
Philippe Fortunato, CEO of Fashion & Accessories Maisons, commented: “Gianvito Rossi is an exceptional Maison with unique savoir-faire in the world of shoemaking. Its core attributes of uncompromising quality, elegance and timelessness are perfectly aligned with Richemont’s values. We are delighted to welcome Gianvito Rossi, his family and his teams to Richemont and look forward to jointly ensuring the enduring creativity and the long-term development of this unique Maison.”
“I have found in Richemont a partner who shares common values such as the greatest attention to quality, design and craftsmanship and the preservation of tradition handed down from generation to generation,” said Gianvito Rossi, founder, CEO, and creative director of the eponymous label. “I decided to choose them to keep developing the brand worldwide and for their expertise and model of global expansion. Our partnership will be beneficial for the company’s next stage of growth, and we look forward to starting this exciting new chapter together with a spirit of fruitful cooperation.”
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Earlier this July, Richemont announced it had posted a 19 percent growth in sales for the quarter ended June 2023, up from a 12 percent increase of the prior-year period, with all channels and regions excluding the Americas generating higher sales than the previous period. The latest acquisition will have no material financial impact on Richemont’s operating results for the year ending March 31, 2024.