Editor’s Note
This strategic acquisition by Kering marks a significant step in vertically integrating its jewelry supply chain, reflecting a broader industry trend of luxury houses securing control over high-end craftsmanship.
On December 18 (local time), the French luxury group Kering announced it has signed an agreement for the phased acquisition of the Italian family-owned jewelry manufacturer Raselli Franco Group. A clear roadmap has been outlined, with Kering initially acquiring a 20% stake in the first quarter of 2026, aiming for full ownership by 2032.
This transaction is part of Kering’s long-term growth strategy in the high jewelry and fine jewelry segments, aiming to strengthen control over the entire value chain, including manufacturing processes.
Founded in 1969, the Raselli Franco Group is a leading independent European jewelry manufacturer offering end-to-end services from prototyping to mass production. Its key strength lies in its integrated manufacturing setup, encompassing everything from sourcing raw materials and precious stones to R&D, design, component manufacturing, assembly, and quality control.
Notably, the group is proficient in both casting techniques and CNC (Computer Numerical Control) machining, enabling the high-precision engraving and processing of valuable materials. This represents a rare manufacturing capability within the high and fine jewelry industry and is a key reason why it has long been considered a strategic partner for Kering.
Kering’s jewelry maisons—Boucheron, Pomellato, Dodo, and Qeelin—have all demonstrated stable revenue bases and growth momentum, positioning them as key mid-to-long-term growth drivers for the group. This acquisition aims to further enhance craftsmanship and competitiveness by internalizing and upgrading the production infrastructure supporting these brands.
Kering’s CEO, Luca de Meo, commented:
Andrea Raselli, CEO of Raselli Franco Group, stated regarding the agreement:
The acquisition will begin with an initial phase involving a €115 million investment for a 20% stake, with plans to gradually increase the holding. The transaction’s completion is subject to customary closing conditions and regulatory approvals.
For Kering, which is intensifying its investments in the jewelry sector, this move is more than a mere M&A transaction; it is a crucial step in establishing a core “manufacturing hub” with integrated production, technology, and savoir-faire within the group. This further highlights the trend towards vertical integration within the luxury industry.