Editor’s Note
This article details Kering’s first significant acquisition under new CEO Luca de Meo—a phased takeover of Italian jeweler Raselli Franco Group, set for completion by 2032. It marks a strategic step in the luxury group’s expansion.
Since taking over as CEO of Kering in September, Luca de Meo has made his first major move. On Thursday, the group officially announced it will acquire Italian jewelry manufacturer Raselli Franco Group in a “phased” manner, with plans to achieve full ownership of the company by 2032.
The first phase of the transaction is scheduled for completion in the first quarter of 2026. Kering will invest 115 million euros to acquire a 20% stake. Based on this valuation, the manufacturer, headquartered in the renowned jewelry hub of Valenza, Italy, and a long-time partner of Kering, has an overall enterprise value of approximately 575 million euros. The group’s statement clarified that the agreement aims to gradually increase its stake, culminating in the full acquisition of Raselli Franco by 2032.
Founded in 1969, Raselli Franco Group has offices in Paris, the United States, Canada, China, and Hong Kong, China. According to Kering, the company covers the entire industry chain from raw material and gemstone sourcing, R&D and design, component manufacturing, to final assembly and quality control. It enjoys an international reputation for jewelry prototyping and manufacturing craftsmanship.
Kering currently owns a portfolio of jewelry brands including Boucheron, Pomellato, DoDo, and Qeelin. This move to secure upstream supply chain capabilities comes at a critical time as Kering seeks to break through its performance challenges. While the group’s overall sales for the first three quarters declined by 14% to 11 billion euros, the jewelry division showed very strong momentum, achieving double-digit growth against the trend. Among them, Boucheron performed particularly well in the US and Asia-Pacific markets, serving as a growth engine, while Pomellato and Qeelin also maintained positive development momentum.