Kering Accelerates Its Jewelry Vertical Integration with Raselli Franco

Beyond this major financial transaction, the stakes for Kering are primarily industrial. Founded in 1969 in Valenza, in Italy’s “gold district,” Raselli Franco has established itself as one of Europe’s leading independent jewelry manufacturers, with over 500 employees. The company produces 300,000 pieces annually and processes over 4 million gemstones. Its integrated model is a key advantage: Raselli Franco controls the entire value chain, from raw material sourcing through manufacturing to final quality control. In a historically fragmented sector, where expertise is scattered among specialized workshops, this integration by Kering helps secure the supply chain, accelerate production times, and guarantee consistent quality.

For the Kering Group, this asset thus offers a decisive strategic advantage, enabling the group to reduce its dependence on subcontractors. This acquisition is also part of a trend that has gained momentum in the luxury sector in recent times: vertical integration. In the jewelry industry, where the scarcity of artisanal and technological skills often poses a challenge, controlling the entire industrial supply chain has become a decisive competitive advantage.

On March 16, the group announced the creation of Kering Jewelry, a new entity dedicated to jewelry that brings together the houses of Boucheron, Pomellato, Dodo, and Qeelin, headed by Jean-Marc Duplaix, who has served as Kering’s Chief Operating Officer since September 2025.

The operation also responds to a need for diversification. While some of the group’s flagship brands, notably Gucci, saw a significant decline in sales in 2025, jewelry appears to be a more resilient category with high margins. By consolidating this division, Kering seeks to strengthen the stability of its revenues.

Finally, the decision to proceed with a phased acquisition demonstrates that the French giant now prefers to adopt a cautious strategic approach. By retaining the family-run management and spreading the capital increase over several stages, Kering has chosen to preserve Raselli Franco’s artisanal DNA while gradually integrating the group’s production and commercial model.