Clessidra in talks to sell Buccellati
Private-equity fund Clessidra is in talks with potential investors, including Richemont Group, to sell Buccellati. The fund acquired a 67 percent stake in the jewelry firm in 2013.
“This is what private equities normally do and I can say that those interested in the company are many,” Buccellati chief executive officer Gianluca Brozzetti told WWD. Brozzetti also revealed that Buccellati is looking at the Middle and Far East to expand its business. “We are about to open a corner in Doha with our partner Ali Bin Ali and we are scouting locations across China and Asia,” said Brozzetti.
In the first quarter of 2016, Buccellati’s retail business rose 20 percent compared to the previous year, noted the executive. The company closed 2015 with consolidated sales of 41 million euros, or $45.1 million at average exchange, up 20 percent compared to the 2014.
The jewelry company has revamped and enlarged its historic Milanese flagship on Via Montenapoleone. The boutique, which spans more than 2,368 square feet, now features the new concept, which made its debut last year in Paris and New York, and includes a wooden floor, walls covered with brocade, wood panels, mirrors and the brand’s signature crystal credenzas.