Richemont, the prominent Swiss luxury goods conglomerate led by Africa’s wealthiest man, Johann Rupert, has acquired a 70 percent controlling stake in Gianvito Rossi, the renowned Italian shoemaking Maison, in a strategic move to reinforce its presence in the luxury goods market.
The deal, finalized in a private transaction, marks a significant step for Richemont, which is under the leadership of Rupert. The acquisition aims to diversify the conglomerate’s portfolio, encompassing prestigious Maisons celebrated for their artistry and innovation.
Gianvito Rossi, known for its exquisite footwear showcasing the pinnacle of Made-in-Italy craftsmanship, holds a special place in the heart of the San Mauro district, capitalizing on generations of tradition and family heritage.
Upon sealing the agreement, Gianvito Rossi, the company’s founder, CEO, and creative director, expressed his enthusiasm for the partnership. “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 stated.
He further highlighted that Richemont’s expertise and global expansion model were key factors in his decision to entrust the brand’s worldwide growth to the luxury conglomerate.
Despite the acquisition, Richemont assures that the transaction will not have a material financial impact on its consolidated net assets or operating results for the year ending March 31, 2024.
The performance of Gianvito Rossi will be reported under Richemont’s “Other” business area, mainly composed of the fashion and accessories maisons. However, the completion of the deal remains subject to certain customary conditions and regulatory approvals.
This move signifies Richemont’s commitment to strengthening its foothold in the luxury goods market. It showcases its continuous pursuit of excellence in expanding its portfolio with iconic brands like Gianvito Rossi.