Business

Kering Accelerates Its Jewelry Vertical Integration with Raselli Franco

By Eva Morletto31 mars 2026

The finalization of the first stage of Kering’s acquisition of Italian manufacturer Raselli Franco is now official. The Pinault family-owned group confirmed yesterday, Monday, March 30, that it has acquired a 20% stake in the company for €115 million, valuing the firm at around €575 million, with the goal of achieving full control by 2032.

Kering Jewelry, the group’s new jewelry division, includes the brands Boucheron, Pomellatopictured above, Dodo, and Qeelin (Pomellato)

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.

Newsletters

Cet article vous plaît ?

Inscrivez-vous à nos newsletters pour recevoir les dernières publications et analyses selon nos 4 thématiques:

A Vertical Integration Strategy to Secure Production

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.

Key Points

• Kering is acquiring a 20% stake in Raselli Franco for €115 million, with the goal of full ownership by 2032.

• Raselli Franco produces 300,000 pieces per year and controls the entire value chain, a major strategic asset.

• This acquisition is part of a vertical integration strategy to reduce dependence on subcontractors and boost profitability.

Partager l'article

Continuez votre lecture

Jewellery

With Kering Jewelry, the Group is Accelerating its Diversification Strategy

The group chaired by François-Henri Pinault has added another string to its bow. On Monday, management announced the creation of Kering Jewelry, a new entity dedicated to jewelry that brings together the houses of Boucheron, Pomellato, Dodo, and Qeelin. At its helm is Jean-Marc Duplaix, who has served as Kering’s Chief Operating Officer since September 2025.

By Eva Morletto

Business

Montenapoleone, the World’s Most Expensive Luxury Shopping Street, in 2026

Long dominated by Paris, London or New York, the ranking of the world’s most expensive streets is undergoing an unprecedented shift. According to the latest analyses reported by the Italian media outlet Milano Finanza, Via Montenapoleone in Milan has now established itself as the world’s most expensive commercial street.

By Eva Morletto

Newsletters

Cet article vous plaît ?

Inscrivez-vous à nos newsletters pour recevoir les dernières publications et analyses selon nos 4 thématiques: