Richemont buys control of Gianvito Rossi

By

Sandra Halliday

Published
July 28, 2023

It’s holiday season for most people in Europe but the rate of deal-making hasn’t slowed down as August looms. On Thursday Kering announced the purchase of a big stake in Valentino and that was followed on Friday by luxury rival Richemont saying it’s now majority owner of Gianvito Rossi.

The “private transaction” saw the Swiss group acquiring “a controlling stake” in the Italian shoemaker, although Gianvito Rossi, founder, CEO and Creative Director of the eponymous brand, “will retain a stake in the company and continue to nurture and develop the Maison in partnership with Richemont”.

The size of the respective stakes wasn’t disclosed.

The 17-year-old Milan-based footwear firm operates in the luxury sector in which Richemont specialises and the new owner’s CEO of Fashion & Accessories Maisons, Philippe Fortunato, said: “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.”

Meanwhile, Rossi himself said that he’s 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. 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”.

In future when reporting results, the company will be included in Richemont’s ‘Other’ business area that’s mostly made up of the Fashion & Accessories Maisons such as Chloé, Alaïa, AZ Factory and Dunhill.