Gangsu Gangtai Group has completed its acquisition of 85 percent of famed jeweler Buccellati and now plans to open up 88 branded stores throughout the world.
The other 15 percent stake is split between Italian investment company Clessidra and the Buccellati family, the brand’s previous owners.
The transaction values the company at 230 million euros (about $271 million). The Chinese holding company said it plans to invest 200 million euros in the near-century-old brand, which will go to the new stores as well as investments in marketing and production.
Andrea Buccellati will remain as creative director and honorary chairman, and Gianluca Brozzetti will stay as CEO.
Gangtai Group plans to keep the company’s production in Italy.
Gangsu Gangtai Holding is a subsidiary of the privately held Gangtai Group. It is one of largest gold jewelry distributors in China, as well as the owner of a local jewelry e-tailer.
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