In a private transaction, luxury goods company Richemont has purchased a controlling stake in Italian shoemaker Gianvito Rossi.

Headquartered in Milan, Gianvito Rossi is one of the leading luxury shoemaking Maisons, with clients all over the world.

Completion remains subject to certain customary conditions and regulatory approvals. Financial terms of the transaction have not been disclosed.

Following the acquisition, Gianvito Rossi founder, CEO and creative director, Gianvito Rossi himself, will retain a stake in the company.

Gianvito Rossi will also work with Richemont to nurture and develop the Maison.

Gianvito Rossi founder and CEO and creative director Gianvito Rossi said: “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.

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“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”.

Richemont said that the transaction will have no material financial impact on its consolidated net assets or operating results for the year ending 31 March 2024.

The company will report the performance of Gianvito Rossi under the ‘Other’ business area, which mainly comprises the Fashion & Accessories Maisons.

Fashion & Accessories Maisons CEO Philippe Fortunato said: “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.”