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Richemont acquires Italy's Buccellati

Cartier owner Compagnie Financière Richemont SA said Sept. 27 that it acquired Italian jeweler Buccellati Holding Italia SpA from China's Gansu Gangtai Holding (Group) Co. Ltd. for an disclosed amount.

Shanghai-listed jewelry group Gansu Gangtai bought Buccellati in 2017 for €270 million.

Buccellati, which opened its first store in Milan in 1919, operates boutiques worldwide, in cities such as New York, Paris, London and Hong Kong.

"Buccellati is one of the few maisons in the dynamic branded jewelry market which is complementary to our existing jewelry maisons, in terms of style, origins and craftsmanship," said Johann Rupert, chairman of Richemont.

The acquisition, which was completed Sept. 26, will have no material financial impact on the Swiss luxury goods company's consolidated net assets or operating result for the fiscal year ending March 31, 2020, Richemont said.