Companies

Richemont acquires a controlling stake in the Italian shoemaker Gianvito Rossi

Aug 1, 2023 Switzerland

The Swiss-based luxury group has announced the acquisition of a controlling stake in the Italian shoemaking Maison Gianvito Rossi. The amount of the transaction was not disclosed

Gianvito Rossi, the founder, CEO and Creative Director of the brand, will retain a stake in the company and will continue at the helm of the Maison in partnership with Richemont. According to the luxury giant, the Milan-based footwear brand, founded in 2006, “embodies the finest expression of Made-in-Italy craftsmanship”, and its shoes are renowned around the world for their sophisticated design and impeccable quality.

“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”, stated Philippe Fortunato, CEO of Fashion & Accessories Maisons at Richemont. “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”, he added.

Gianvito Rossi, Founder and CEO and Creative Director of the eponymous brand, believes that he has 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”. Moreover, Richemont's expertise and model of global expansion “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”, he concluded.

The Swiss-based group said as well that this transaction won't have a financial impact on its consolidated net assets or operating results for the year ending on the 31^stof March 2024 and that the performance of Gianvito Rossi will be reported under the ‘Other’ business segment.

Image Credits: blog.theluxurycloset.com

Italy Switzerland Acquisitions Footwear Luxury Richemont Shoes