Richemont gains controlling stake in luxury shoemaker Gianvito Rossi
Luxury goods group, Richemont, has gained a controlling stake in renowned Italian shoemaking maison, Gianvito Rossi, via a private transaction. While the exact financial details remain undisclosed, the deal’s significance lies in its strategic alignment and expansion of Richemont’s luxury portfolio.
Gianvito Rossi, the Founder, CEO, and Creative Director of his namesake brand, will retain a stake in the company, continuing to develop and nurture the Maison in collaboration with Richemont. Established in 2006 in San Mauro Pascoli and based in Milan, Gianvito Rossi has evolved into one of the world’s leading luxury shoe Maisons. The brand is lauded globally for its sophisticated designs, distinctive savoir-faire, and impeccable quality, expressing the finest example of Made-in-Italy craftsmanship.
Philippe Fortunato, CEO of Fashion & Accessories Maisons at Richemont, shared his thoughts on the acquisition, stating, “Gianvito Rossi is an exceptional Maison with unique savoir-faire in the world of shoemaking. Its core attributes of uncompromising quality, elegance, and timelessness are perfectly aligned with Richemont’s values. We are delighted to welcome Gianvito Rossi, his family, and his teams to Richemont and look forward to jointly ensuring the enduring creativity and the long-term development of this unique Maison.”
Richemont expands luxury portfolio with Gianvito Rossi acquisition. Photo courtesy of Compagnie Financière Richemont SA.
On his part, Gianvito Rossi expressed optimism about the partnership. He mentioned, “I have found in Richemont a partner who shares common values such as the greatest attention to quality, design, and craftsmanship and the preservation of tradition handed down from generation to generation. I decided to choose them to keep developing the brand worldwide and for their expertise and model of global expansion.”
Richemont has declared that the transaction will have no significant financial impact on its consolidated net assets or operating result for the year ending 31 March 2024. Following the deal, Gianvito Rossi’s performance will be reported under the ‘Other’ business area, chiefly comprised of the Fashion & Accessories Maisons, subject to customary conditions and regulatory approvals.