Richemont acquired a controlling stake in Italian shoemaker Gianvito Rossi, the company announced Friday.
Though financial details of the private transaction weren’t disclosed, the company said in the announcement that the deal wouldn’t have a material financial impact on Richemont’s assets or operating results for its current fiscal year.
Gianvito Rossi, the founder, CEO and creative director of his namesake brand, will retain a stake in the company and continue to “nurture and develop” the house in partnership with Richemont, per the release.
The financial performance of the shoe brand will be reported in its “Other” business area, which mostly includes the company’s other fashion and accessory houses.
“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,” Rossi said in the release. “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.”
Richemont’s other fashion and accessory holdings include Chloe, Montblanc and Cartier.
“Gianvito Rossi is an exceptional Maison with unique savoir-faire in the world of shoemaking,” Philippe Fortunato, CEO of the fashion and accessories maisons, said in the release. “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.”
In its earnings released earlier this month, Richemont saw a 14% sales growth for its first quarter, equating to about $5.9 billion. This was primarily due to sales in Europe, and it experienced sales declines in the Americas.
Gianvito Rossi is the son of shoe designer Sergio Rossi, whose brand was acquired by Fosun Fashion Group, now called Lanvin Group, in 2021.
