Milan: Swiss luxury group Richemont said on Friday it had acquired a controlling stake in Italian luxury shoemaker Gianvito Rossi.
The founder of the Italian company, CEO and Creative Director Gianvito Rossi, will retain a stake in the company, according to a statement.
Richemont bought a 70% stake in Gianvito Rossi, a source close to the matter said.
No financial details were disclosed.
Gianvito Rossi, which was advised by Rothschild & co on the deal, was founded in 2006. Last year, its revenues totalled around 100 million euro ($110 million), with a core profit of 23 million euros.
Richemont, which owns Cartier and various other luxury brands, said the transaction had no material financial impact on its consolidated net assets or operating result for the year ending March 31, 2024.
