Paris–The Italian jeweler Repossi announced Tuesday a partnership with the LVMH Group to support its development. Although details of the financial transaction weren’t disclosed, LVMH apparently took a minority stake in Repossi.
They did not disclose any financial details for the transaction.
“I am very pleased to have the LVMH group’s support and unparalleled experience in the world of high quality crafted products. Its support will be important for us to pursue our strategy and develop our distribution network,” stated Gaia Repossi, artistic and creative director of Repossi.
Nowadays following on from her father, Alberto Repossi, grandson of the founder of the Repossi brand, Gaia Repossi, artistic and creative director of the house since 2007, is the fourth generation of the family running the business.
Gaia Repossi’s creations show her passion for modernizing the DNA of the House through her references to modern art and architecture while using the latest production techniques.
“LVMH is delighted to support the development of Repossi. We share common values which based on product excellence and outstanding creativity. Repossi’s success shows a promising future with which we are pleased to be associated,” said Delphine Arnault, executive vice president of Louis Vuitton and LVMH Director and the heir apparent to CEO Bernard Arnault. The younger Arnault played a key role in the Ropossi stake with the New York Times noting: ” a move that further underscores its new approach to acquiring luxury brands, as well as the rising influence of Delphine Arnault and the growing importance of the fine jewelry sector.”
Repossi was founded in Turin in 1920. It has emerged as an exclusive and creative luxury jeweler, which is particularly well known for its Berber collection and its multi-piercing earring.
The two companies have decided to partner in order to enable Repossi to develop its distribution network while benefitting from the managerial know-how of the world’s biggest luxurygoods company.
LVMH’s Watches and Jewelry division comprises Bulgari, TAG Heuer, Chaumet, Dior Watches, Zenith, Fred, Hublot and a joint venture with De Beers Diamond Jewellers Ltd.
The stake purchase in Repossi is LVMH’s latest move into Italy after the French group bought the Bulgari family’s 50% stake for 1.87 billion euros (about $2 billion) in 2011.