Richemont, the Swiss luxury conglomerate that owns Cartier, is buying a controlling stake in Italian high-end shoemaker Gianvito Rossi.
The acquisition will add another maison to Richemont’s fashion and accessories division, which has failed to grow sales at the same pace as its jewelery and luxury watches units. Terms of the purchase were not disclosed.
The shoemaker’s signature models include its €690 Gianvito 105 stilettos and the Bijoux high-heeled sandal that features a puffy strap and sells for €950 ($1,041). Celebrities such as Kendall Jenner and Rihanna have worn the brand’s shoes at red carpet events in the past year.
Rossi, who founded and leads the brand as chief executive officer, will retain a minority stake in the business. Started in 2006 in San Mauro Pascoli, Italy, the company had revenue of just under €100 million last year and is profitable, Women’s Wear Daily reported, citing unidentified sources.
Richemont said the purchase wouldn’t have an impact on its annual results in the current financial year.
In addition to Cartier and a stable of watchmakers such as Vacheron Constantin and IWC, Richemont controls the Chloé fashion brand and golf wear maker Peter Millar, among others.
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