Richemont buys majority stake in Italian luxury shoemaker Gianvito Rossi

Rothschild & Co SCA

28/07/2023 10:53

MILAN, July 28 (Reuters) - Swiss luxury group Richemont
 CFR.S  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. 
    ($1 = 0.9112 euros)

 (Reporting by Elisa Anzolin  Editing by Alvise Armellini and
Mark Potter)
 ((elisa.anzolin@thomsonreuters.com; 0039 0266129692;))