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Richemont has acquired a majority stake in Italian shoemaker Gianvito Rossi, the luxury giant said Friday.
The news adds to a week of deal-making, following on rival Kering’s announcement that it is taking a 30 percent stake in Valentino.
The acquisition bolsters hard-luxury specialist Richemont’s position in the fashion space, building on a stable of apparel and leather goods brands that already includes Chloé, Alaïa and Dunhill. Terms of the deal were not disclosed.
Gianvito Rossi, founder, chief executive and creative director of his namesake brand, will keep a stake in the company and continue to work with the brand as it looks to tap the Swiss luxury conglomerate’s resources to develop and expand globally, the company said.
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”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,” Rossi said in a statement.
The transaction will have no material impact on Richemont’s financial results this year. The company’s share price remains under pressure following a slump last week amid concerns demand in the its two largest markets — the US and China — is starting to wane.
