Kering Strengthens Luxury Jewelry Dominance with Strategic Staged Acquisition of Raselli Franco Group
In a move that signals a profound shift in the landscape of high jewelry manufacturing, the French luxury titan Kering has officially entered into a multi-phase agreement to acquire the Raselli Franco Group, one of Italy’s most prestigious independent jewelry manufacturers. This strategic partnership, which begins with an initial 20% stake, underscores Kering’s unwavering commitment to “hard luxury” and its determination to internalize the craftsmanship that powers its most successful jewelry houses.
The acquisition, announced in late 2025, marks the first major external growth operation under the leadership of Kering’s recently appointed CEO, Luca de Meo. By securing a direct line to the world-renowned artisans of Valenza, Kering is not just buying a company; it is investing in a legacy of Italian excellence that spans over half a century.
The Financial Architecture: A Roadmap to 2032
The deal is structured as a “staged transaction,” a sophisticated financial move often favored by luxury conglomerates to ensure a smooth transition of culture and operational expertise.
Initial Investment and Valuation
Kering will officially acquire the first 20% stake in the Raselli Franco Group in the first quarter of 2026. The initial price tag for this minority share is set at 115 million euros (approximately $135 million). This transaction implies a total enterprise valuation of roughly 575 million euros, reflecting the high value Kering places on the manufacturer’s technical capabilities and strategic position within the Italian jewelry district.
The Path to Full Ownership
Unlike typical acquisitions that happen overnight, Kering has outlined a clear, decade-long roadmap. The agreement establishes a framework for Kering to gradually increase its shareholding, with a definitive plan to take 100% control of the group by 2032. This long-term approach allows the family-led Raselli Franco Group to maintain its agility and innovative spirit while benefiting from the immense resources and global distribution networks of the Kering ecosystem.
Who is Raselli Franco Group? The Crown Jewel of Valenza
To understand why Kering is willing to commit to such a long-term acquisition strategy, one must look at the heritage and technical prowess of the Raselli Franco Group.
A Legacy of Italian Craftsmanship
Founded in 1969, Raselli Franco Group is a quintessential Italian success story. Based in Valenza, a city globally recognized as the “Golden Triangle” of jewelry making located between Milan and Turin, the group has remained family-owned since its inception. Over the decades, it has evolved from a local atelier into an international powerhouse, with offices in Paris, New York, Hong Kong, and Canada.
Technical Expertise and the Mastery of CNC Machining
The group is renowned for its end-to-end production capabilities. While many luxury brands outsource different parts of their creation process, Raselli Franco Group manages the entire value chain in-house:
- Ethical Sourcing: Expert procurement of raw materials and precious gemstones.
- Prototyping and R&D: Turning high-fashion concepts into wearable art.
- Advanced Casting: Utilizing traditional lost-wax casting methods alongside modern innovation.
- CNC Machining: The group is a leader in Computer Numerical Control (CNC) machining. This technology allows for the precise carving and engraving of precious metals with a level of accuracy that is nearly impossible to achieve by hand alone, making it an indispensable asset for modern high jewelry production.
With over 500 employees and an annual production capacity exceeding 300,000 pieces, Raselli Franco Group is the “engine room” behind some of the most intricate collections in the world.
Strengthening the Value Chain: Why Internalization Matters
For Kering, this acquisition is a defensive and offensive masterstroke. In the volatile world of luxury, controlling the supply chain is no longer a luxury—it is a necessity.
Securing Production for Iconic Houses
Kering’s jewelry portfolio is currently enjoying what the group describes as “strong momentum.” Its flagship brands—Boucheron, Pomellato, DoDo, and Qeelin—have consistently outperformed the broader luxury market. By internalizing Raselli Franco Group, Kering ensures that these brands have priority access to the best manufacturing slots, the most skilled artisans, and the latest technological innovations.
Enhancing Traceability and Sustainability
In today’s market, luxury consumers demand transparency. By owning the manufacturing process, Kering can provide absolute guarantees regarding the ethical sourcing of gold and gemstones and the working conditions of the craftsmen. This move aligns perfectly with Kering’s broader sustainability goals, ensuring that every piece of jewelry produced under its umbrella meets the highest environmental and social standards.
Leadership Perspectives: A Vision for the Future
The leadership of both organizations has expressed immense optimism about the partnership, viewing it as a marriage of creative vision and industrial excellence.
Luca de Meo on Kering’s Ambition
Kering CEO Luca de Meo emphasized that this acquisition is a “strategic milestone.” In a statement, he noted:
“This acquisition marks a strategic milestone for Kering, embodying our ambition in jewelry. By securing critical manufacturing capabilities for our jewelry activity, this partnership will strengthen our value chain and accelerate the growth of our Houses. It reflects our unwavering commitment to excellence and our determination to shape the future of jewelry.”
For De Meo, who took the helm of Kering in September 2025, this deal signals a focus on diversifying Kering’s revenue streams away from the trend-driven fashion cycles of brands like Gucci and toward the more stable, resilient growth of the jewelry sector.
Andrea Raselli on the Family Legacy
Andrea Raselli, the CEO of Raselli Franco Group, echoed this sentiment, highlighting the shared values between the two companies:
“I am delighted with this agreement with Kering. It will reinforce us and allow us to continue to serve to the best of our abilities the Maisons with whom we have been proud to collaborate for so many years. As a family-owned company, we share the same values of excellence, innovation, and agility.”
The Market Context: The Resilience of Hard Luxury
The timing of this acquisition is particularly significant. While the global luxury market has seen fluctuations in leather goods and ready-to-wear, the “hard luxury” segment (jewelry and watches) has shown remarkable resilience.
Jewelry as a Growth Engine
In the first nine months of 2025, while some of Kering’s fashion houses saw a dip in sales, its jewelry brands maintained double-digit revenue growth. Unlike clothing, which can go out of style, high-end jewelry is often viewed by consumers as a “store of value” and a long-term investment.
A Competitive Landscape
Kering’s move is also a response to the aggressive expansion of its rivals. LVMH’s acquisition of Tiffany & Co. and Richemont’s dominance with Cartier and Van Cleef & Arpels have set the bar high. To compete at the top tier of the jewelry world, Kering needs more than just great brands—it needs a vertically integrated manufacturing powerhouse. The Raselli Franco Group provides exactly that.
Conclusion: A Decisive Step Toward 2032
The acquisition of the Raselli Franco Group is far more than a simple financial transaction. It is a strategic positioning of Kering as a dominant force in the global jewelry market. By integrating the technical mastery of Valenza’s finest artisans into its corporate structure, Kering is ensuring that its jewelry houses—Boucheron, Pomellato, DoDo, and Qeelin—have the foundation they need to lead the industry for decades to come.
As the industry watches Kering take this initial 20% stake, the message is clear: the future of luxury lies in the hands of those who control the craft. With a clear path to 100% ownership by 2032, Kering has secured its place at the very top of the jewelry pyramid.
