On December 18, French luxury group Kering announced that it has signed an agreement to acquire Raselli Franco Group, a family-owned Italian jewelry manufacturer, through a staged transaction. Kering will initially acquire a 20 percent stake in the company in the first quarter of 2026, with a clearly defined roadmap toward full ownership by 2032.
The transaction forms part of Kering’s long-term growth strategy in the high jewelry and fine jewelry segments and aims to strengthen control over the entire value chain, including manufacturing processes.
Founded in 1969, Raselli Franco Group is one of Europe’s leading independent jewelry manufacturers, offering end-to-end capabilities from prototyping to full-scale production. The company has established an integrated manufacturing system covering everything from sourcing raw materials and precious stones to research and development, design, component production, assembly, and quality control.
A key differentiator lies in its advanced expertise in both casting techniques and CNC (computer numerical control) machining, enabling the precise carving, engraving, and shaping of precious materials. This rare combination of capabilities represents a distinctive asset in the high jewelry and fine jewelry sectors and explains why Raselli Franco Group has long been positioned as a strategic partner to Kering.
Kering’s jewelry Houses—Boucheron, Pomellato, Dodo, and Qeelin—have all demonstrated stable revenue foundations and strong growth momentum, making them important mid- to long-term growth drivers within the group. Through this acquisition, Kering aims to internalize and further enhance the manufacturing platform that supports these Houses, strengthening craftsmanship and overall competitiveness.
Luca de Meo, CEO of Kering, commented: “This acquisition marks a strategic milestone for Kering, embodying our ambition in jewelry. Raselli Franco Group brings exceptional savoir-faire and innovation, anchored in a rich heritage and a strong commitment to sustainability. 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.”
Andrea Raselli, CEO of Raselli Franco Group, added: “I am delighted of 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, as well as the same ambition to contribute to the future of jewelry.”
The initial acquisition involves a 20 percent stake for a total consideration of €115 million, with Kering planning to increase its ownership gradually over time. Completion of the transaction remains subject to customary closing conditions and regulatory approvals.
For Kering, which has been intensifying its investments in the jewelry segment, this move represents more than a conventional M&A transaction. It marks a strategic step toward establishing a core manufacturing platform within the group—one that integrates production, technical expertise, and savoir-faire. The broader trend toward vertical integration in the luxury industry is becoming increasingly evident through this deal.
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