Richemont Acquires Majority Stake in Italian Luxury Shoe Maker
Published: Friday, Jul 28th 2023, 10:40
Updated At: Friday, Oct 13th 2023, 14:12
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Richemont, a luxury goods group, has acquired a majority stake in the Italian luxury shoe brand Gianvito Rossi. The transaction will not have a material impact on the financial position and results of the group. Gianvito Rossi, founder, CEO and Creative Director of the brand, will retain a non-disclosed stake in the company and will continue to lead the house in partnership with Richemont. Founded in 2006 and based in Milan, the shoe maker is one of the world's leading luxury shoe makers. The performance of the shoe maker will be recorded in Richemont's "Other" segment in the future. This segment consists mainly of clothing fashion and accessories, in addition to the large jewelry and watch business. The transaction is subject to the usual legal conditions. No financial details of the deal are given in the communiqué.
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