Editor’s Note
This acquisition highlights a strategic move toward vertical integration in the luxury sector, as brands seek to secure specialized craftsmanship and stabilize supply chains amid market pressures.
By signing an agreement to acquire Raselli Franco Group, a key partner in its jewelry supply chain, the luxury group is pursuing a vertical integration strategy aimed at securing its production capabilities and supporting the growth of its Maisons.
Founded in 1969, Raselli Franco Group has established itself as a benchmark player in the manufacturing of jewelry and high jewelry pieces for several major luxury brands. In a context of strain on specialized industrial capacities, the company has notably distinguished itself through its mastery of molding and CNC machining, technologies that have become strategic to meet the sector’s demands for precision, creativity, and upscaling. Based in Piedmont, Italy, the manufacturer also covers all stages of the value chain, from sourcing to quality control.
By formalizing its alliance with this family-owned business, Kering aims to reduce its dependence on external partners, gain industrial agility, and secure rare expertise in order to support the development of its jewelry brands Boucheron, Pomellato, Dodo, and Qeelin. In the third quarter of 2025, the group mentioned “double-digit growth” in revenues for these brands, without providing further details. It is worth noting that its Italian flagship, Gucci, also has its own jewelry and high jewelry line.
said Luca de Meo, who is signing his first official integration since his appointment as head of Kering last September.
Kering’s initiative is part of a broader trend as luxury groups and brands tend to regain control over their value chain. Jewelry, in particular, is the subject of increasing investments, as exemplified by Bvlgari, which recently inaugurated the world’s largest single-brand jewelry manufacturing facility to support its development.
The agreement with Raselli Franco Group provides for a gradual capital increase: Kering will take an initial stake of 20% in the first quarter of 2026 for an amount of 115 million euros, before a full acquisition of shares by 2032.
