28 JUL 2023
Richemont is pleased to announce that it has acquired a controlling stake in Gianvito Rossi, the renowned Italian shoemaking Maison, in a private transaction.
Gianvito Rossi, Founder, CEO and Creative Director of the eponymous brand, will retain a stake in the company and continue to nurture and develop the Maison in partnership with Richemont.
Founded in 2006 in San Mauro Pascoli and headquartered in Milan, Gianvito Rossi is one of the world’s leading luxury shoe Maisons. It is recognised by clients all over the world for its sophisticated designs, unique savoir-faire and impeccable quality.
Gianvito Rossi’s footwear embodies the finest expression of Made-in-Italy craftsmanship, leveraging the longstanding tradition of luxury shoemaking in the artisanal heart of the San Mauro district, and benefiting from a precious family heritage, nurtured through generations.
Philippe Fortunato, CEO of Fashion & Accessories Maisons, commented:
“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.”
Gianvito Rossi, Founder and CEO and Creative Director of Gianvito Rossi, commented:
“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. Our partnership will be beneficial for the company’s next stage of growth, and we look forward to starting this exciting new chapter together with a spirit of fruitful cooperation”.
The transaction has no material financial impact on Richemont’s consolidated net assets or operating result for the year ending 31 March 2024. The performance of Gianvito Rossi will be reported under the ‘Other’ business area, which is mostly composed of the Fashion & Accessories Maisons. Completion remains subject to certain customary conditions and regulatory approvals.
At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.
Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar including G/FORE, Purdey, Serapian as well as Watchfinder & Co. In addition, Richemont operates NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division.
Richemont ‘A’ shares are listed and traded on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. The ‘A’ shares are also traded on the Johannesburg Stock Exchange, Richemont’s secondary listing.
Founded in San Mauro Pascoli in 2006, Gianvito Rossi is the ultimate Italian designer brand for luxury footwear. Grounded on a modern, essential and timeless style, Gianvito Rossi is the finest expression of Made-in-Italy craftmanship, faithfully adhering to a family heritage nurtured throughout generations.
Since inception, Gianvito Rossi has gained global recognition for its universe of sophisticated signatures and new designs, quickly becoming a must-have for A-list celebrities with the support of first-rate global fashion media.
Sophie Cagnard, Group Corporate Communications & Investor Relations Director
James Fraser, Investor Relations Executive
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The financial information contained in this announcement is unaudited.
This document contains forward-looking statements as that term is defined in the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance. Richemont’s forward-looking statements are based on management’s current expectations and assumptions regarding the Company’s business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. Our retail stores are heavily dependent on the ability and desire of consumers to travel and shop and a decline in consumer traffic could have a negative effect on our comparable store sales and/or average sales per square foot and store profitability resulting in impairment charges, which could have a material adverse effect on our business, results of operations and financial condition. Reduced travel resulting from economic conditions, retail store closure orders of civil authorities, travel restrictions, travel concerns and other circumstances, including disease epidemics and other health-related concerns, could have a material adverse effect on us, particularly if such events impact our customers’ desire to travel to our retail stores. International conflicts or wars, including resulting sanctions and restrictions on importation and exportation of finished products and/or raw materials, whether self-imposed or imposed by international countries, non-state entities or others, may also impact these forward-looking statements. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside the Group’s control. Richemont does not undertake to update, nor does it have any obligation to provide updates of, or to revise, any forward-looking statements.
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