PARIS, July 8 Buccellati, one of the last
remaining independent Italian high-end jewellers, has named
veteran fashion manager Thierry Andretta as chief executive.
Andretta ran Celine at LVMH in the late 1990s and spent
several years at Gucci Group, the old name of Kering's luxury
arm, before running Lanvin, where he doubled sales to more than
236 million euros during his four-year tenure.
Monday's announcement came less than four months after
Italian private equity fund Clessidra took a majority stake in
Buccellati, concluding more than a year of on-and-off
negotiations with the jeweller's family owners.
Buccellati, which financial advisers said was courted by big
luxury groups such as LVMH and Kering prior
to the Clessidra deal, is known for its signature lace rings and
necklaces favoured by monarchs and movie stars.
The jeweller's cascades of gems can fetch more than $1
million and many are one of a kind.
Buccellati, whose wares are still designed by members of its
founding family, also stands out by refusing to routinely lend
necklaces and broaches to actresses strutting the red carpets at
the Cannes film festival or the Oscar ceremony in Hollywood.
Financial details of the Clessidra transaction were not
published but the terms included a capital increase.
Under Andretta's leadership, the brand will develop its
watches business as well as its presence worldwide, particularly
in new markets such as the Middle East and Russia.
"Watches have big potential for Buccellati," Andretta told
Reuters, adding the brand aimed to compete in high-end jewellery
watches with brands such as privately held Chopard and Van Cleef
& Arpels, part of the luxury group Richemont.
(Reporting by Astrid Wendlandt; Editing by David Cowell)