Kering Makes Strategic Acquisition to Secure Jewellery Production and Boost Growth

Kering, the French luxury conglomerate, announced a strategic move to bolster its position in the jewellery sector with the phased acquisition of Raselli Franco Group. This marks the first significant acquisition under the leadership of Luca de Meo, who became CEO in September. The deal targets an Italian company specializing in jewellery manufacturing, with Kering aiming to achieve full ownership by 2032.

The acquisition process is structured in multiple stages. The initial phase is set to begin in the first quarter of 2026, where Kering will take a 20% stake in Raselli Franco Group for an investment of 115 million euros. This initial transaction values the company at approximately 575 million euros. The agreement outlines the path to full ownership by 2032, allowing Kering to integrate the company progressively over several years.

CEO Luca de Meo emphasized the strategic importance of the acquisition, stating that the partnership will "strengthen our value chain and accelerate the growth of our Houses" by "securing essential production capacity for our jewellery business." Kering's current portfolio of jewellery brands includes Boucheron, Pomellato, DoDo, and Qeelin. The acquisition aims to support the expansion of these high-potential brands by guaranteeing access to critical manufacturing resources.

Raselli Franco Group, founded in 1969 and based in Valenza, Italy, is recognized internationally for its expertise and innovation in jewellery production. According to Kering, the company's capabilities cover the entire value chain, from raw material sourcing and precious stone handling to research and development, design, component creation, assembly, and quality control.

This strategic investment comes as Kering navigates mixed financial results. While the luxury group reported a 14% decline in overall sales during the first nine months of the year, its jewellery division demonstrated "very solid momentum" in the third quarter, achieving double-digit revenue growth. Kering highlighted Boucheron as a major growth driver, with particularly strong performance in the United States and Asia-Pacific. The company also noted positive development in its Pomellato and Qeelin brands, underscoring the segment's potential for continued expansion.