Richemont’s recent collaboration with the esteemed Italian shoe brand serves as a strategic move that reinforces the company’s standing in the fashion sector, particularly in the domain of hard-luxury products.
Compagnie Financière Richemont has made a strategic move by acquiring a controlling stake in Gianvito Rossi, the renowned Italian manufacturer of sophisticated footwear.
The financial terms of the deal have not been disclosed. However, it is confirmed that Gianvito Rossi, the Founder, CEO, and Creative Director of the brand, will retain a stake in the company and continue to play an active role in fostering the growth and development of the Maison in collaboration with Richemont.
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.
– Philippe Fortunato, CEO of Fashion & Accessories Maisons
This acquisition follows Richemont’s previous investment in the elite Belgian handbag maker Delvaux, which contributed to the expansion of its “other” business area, predominantly comprising fashion and accessories brands like Montblanc, Chloé, Alaïa, Dunhill, Peter Millar, AZ Factory, Purdey, and Serapian.
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
– Gianvito Rossi, Founder and CEO and Creative Director of Gianvito Rossi
Founded in 2006 in San Mauro Pascoli and headquartered in Milan, Gianvito Rossi has emerged as one of the world’s leading luxury shoe Maisons. The brand is widely recognized by clients worldwide for its sophisticated designs, unique savoir-faire, and uncompromising quality. Gianvito Rossi, after acquiring valuable expertise in shoemaking under the guidance of his father, Sergio Rossi, founded the eponymous brand in San Mauro Pascoli. The first standalone Gianvito Rossi store opened its doors in Milan in 2008.
Gianvito Rossi’s footwear epitomizes the finest expression of Made-in-Italy craftsmanship, drawing upon the longstanding tradition of luxury shoemaking in the artisanal heart of the San Mauro district and benefiting from a cherished family heritage passed down through generations.
Presently, the brand operates 36 boutiques in prominent cities across the globe, including Rome, Paris, Monte Carlo, London, New York, Miami, Los Angeles, Hong Kong, Tokyo, Seoul, Dubai, Doha, Beijing, Chongqing, and Chengdu.
Market sources indicate that in 2022, Gianvito Rossi achieved revenues just below 100 million euros, surpassing pre-pandemic levels, signaling effective management and profitability.
Notable wholesale clients of Gianvito Rossi include Selfridges, Harvey Nichols, Bloomingdale’s, Nordstrom, Bergdorf Goodman, and Net-a-porter.
Richemont clarified that the acquisition of Gianvito Rossi will not significantly impact its consolidated net assets or operating result for the fiscal year ending March 31, 2024. The performance of Gianvito Rossi will be included under the ‘Other’ business area, primarily comprising the Fashion & Accessories Maisons. The completion of the transaction is subject to customary conditions and regulatory approvals.
Earlier this month, Richemont reported a substantial 14 percent surge in revenues for the three-month period ending June 30, driven by a strong recovery among Chinese tourists and local consumers. The company’s jewelry brands, namely Cartier, Van Cleef & Arpels, and Buccellati, experienced notable growth of 24 percent during this period, while the watch division saw a 10 percent increase in sales. The other brand’s division also recorded a solid 6 percent growth at constant exchange rates.