Kering buys 20% of Italy’s Raselli Franco in $135 million jewelry deal

French luxury giant Kering has acquired a 20% stake in Italy’s Raselli Franco Group for $135 million (€115 million), marking a major step in its push to deepen control over its jewelry supply chain and expand a business it sees as a long-term growth engine, the company said in a recently released statement.

The investment gives Kering a foothold in one of Europe’s largest independent jewelry manufacturers and includes a clear pathway to full ownership by 2032. The initial stake will be completed in the first quarter of 2026, subject to regulatory approvals.

Founded in 1969 and based in Valenza, Italy’s historic jewelry-making hub, Raselli Franco Group has remained family-owned for more than five decades. The company is known for its end-to-end capabilities, spanning raw material sourcing and gemstone selection to research and development, design, casting, CNC machining, assembly, and quality control. Its advanced manufacturing and precision engineering make it a key partner for high jewelry and fine jewelry brands.

Manufacturing edge 

Kering said the acquisition strengthens its industrial capabilities and reinforces control over critical parts of its value chain at a time when craftsmanship, traceability, and production resilience are increasingly important in the luxury sector.

“This acquisition marks a strategic milestone for Kering, embodying our ambition in jewelry,” CEO Luca de Meo said. “By securing critical manufacturing capabilities, this partnership will strengthen our value chain and accelerate the growth of our Houses.”

Kering’s jewelry portfolio includes Boucheron, Pomellato, Dodo, and Qeelin, brands the group said are showing strong momentum and recurring revenues that support long-term resilience. Jewelry has become a strategic priority for Kering as it looks to balance its exposure beyond fashion and leather goods.

Financial strategy

Andrea Raselli, CEO of Raselli Franco Group, said the deal would allow the company to continue serving luxury maisons while preserving its values. “As a family-owned company, we share the same commitment to excellence, innovation, and agility,” he said.

The transaction comes as Kering maintains a disciplined capital strategy. Earlier this month, the group approved an interim dividend of $1.47 (€1.25) per share for the 2025 financial year, payable in January 2026.

Kering, which generated $20.2 billion (€17.2 billion) in revenue in 2024 and employs around 47,000 people, said the staged acquisition positions it to shape the future of luxury jewelry while maintaining financial flexibility.

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Hannah Xuchille Egot

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