13th Sep 2024 10:38
(Alliance News) - Compagnie Financiere Richemont SA said on Friday it has sealed its acquisition of Italian jeweller Vhernier Spa after meeting all conditions and clearing regulatory hurdles.
The Swiss luxury goods firm said this deal will have "no material" financial impact on its consolidated net assets or operating result for the year ending March 31, 2025.
The company said early in May it was buying Vhernier, a Milan-headquartered company owned by the Traglio family since 2001. It did not disclose terms of the deal.
Vhernier also operates De Vecchi Milano 1935, an Italian heritage silverware home decor brand.
Richemont Chair Johann Rupert said back in May Vhernier brought a "distinguished and distinctive" design that beautifully blends modern, sleek and elegant shapes with unconventional materials, magnified by exceptional craftsmanship.
"This unique aesthetic perfectly complements our existing collection of renowned jewellery Maisons," Rupert said. Richemont's Jewellery Maisons house Cartier, Buccellati and Van Cleef & Arpels.
On Friday, Richemont also said Gianluca Brozzetti, executive vice president of Buccellati, joins the Vhernier board as executive vice president in an ad-interim CEO role.
The Traglio family will remain involved in Vhernier and continue to contribute to its growth.
Vhernier Chief Executive Officer Maurizio Traglio is appointed chair of the Vhernier board, and Carlo Traglio, the current chair of Vhernier, takes the role of chair of Vhernier USA LLC.
Richemont shares were up 0.9% to ZAR252.21 early Friday in Johannesburg. They were also up 0.9% at CHF120.45 in Zurich.
By Artwell Dlamini, Alliance News reporter
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