Kering has signed an agreement for the acquisition of Raselli Franco Group, an Italian manufacturer of luxury jewellery.

The owner of Gucci will initially acquire 20% of the family-owned business as part of a staged transaction that may lead to full ownership by 2032.

Kering is set to purchase the initial holding in the first quarter of 2026 for €115m ($134.78m), subject to customary closing conditions and regulatory approvals.

Kering CEO Luca de Meo said: “This acquisition marks a strategic milestone for Kering, embodying our ambition in jewellery. Raselli Franco Group brings exceptional savoir-faire and innovation, anchored in a rich heritage and a strong commitment to sustainability.

“By securing critical manufacturing capabilities for our jewellery activity, this partnership will strengthen our value chain and accelerate the growth of our Houses.”

Established in 1969, Raselli Franco Group focuses on the development and manufacture of high jewellery and fine jewellery for luxury brands.

Its operations span the entire jewellery production process, from sourcing raw materials and precious stones to research and development, design, component manufacturing, assembly and quality control.

The company employs both casting techniques and computer numerical control machining across its production sites.

Raselli Franco has worked for many years with Kering and its jewellery houses, including Group Boucheron, Pomellato, Dodo and Qeelin.

Kering said the transaction is aimed at supporting the long-term development of these brands while reinforcing its oversight of jewellery manufacturing.

Raselli Franco Group CEO Andrea Raselli added: “I am delighted of this agreement with Kering. It will reinforce us and allow us to continue to serve to the best of our abilities the Maisons with whom we have been proud to collaborate for so many years.”

Kering operates across fashion, leather goods, jewellery, eyewear and beauty, employing around 47,000 people worldwide and reporting revenue of €17.2bn in 2024.