Yahoo Finance Richemont Buys Italian Jeweler Vhernier, Known for Bold, Sculptural Designs
LONDON — Richemont has added another jeweler to its burgeoning portfolio with the acquisition of the Italian brand Vhernier. The luxury giant, parent of brands including Cartier and Van Cleef & Arpels, said Tuesday that it has acquired 100 percent of Vhernier in a private transaction.
Vhernier was founded in Valenza, Italy, as a goldsmith’s workshop in 1984, and is headquartered in Milan. It has been owned by the Traglio family since 2001. WWD first reported in 2018 that the Traglio family was interested in selling, and that a book was circulating on the jewelry firm.
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Vhernier is known for its bold gold designs inspired by the curves of the human body and modern sculpture. The jewelry combines precious metals, gems and materials such as titanium, bronze and ebony.
Popular styles include the Calla and Blue Velvet necklaces, the Pirouette ring and Vague earrings.
The pieces are handcrafted in the jewelry hub of Valenza, and sold through monobrand boutiques and multibrand stores, mainly in Europe and the U.S. In London, the brand has a flagship on the corner of Bond Street and Burlington Gardens, near The Royal Academy.
Vhernier also operates De Vecchi Milano 1935, an Italian heritage silverware home decor brand.
Richemont’s chairman Johann Rupert said Vhernier “brings a distinguished and distinctive design, and exceptional craftsmanship” to the portfolio, adding that its “unique aesthetic perfectly complements our existing collection” of jewelry maisons.
He also welcomed Vhernier’s team to Richemont, and said they’d be working together to realize the full potential of the brand within “the thriving branded jewelry market.”
Carlo Traglio, Vhernier’s chairman, and Maurizio Traglio, the company’s chief executive officer, said in a statement: “Our distinctive jewelry maison will flourish under Richemont’s stewardship, expertise and careful nurturing.”
Richemont, which plans to publish its fiscal 2024 results next week, said the transaction will have no material financial impact on its consolidated net assets or operating result for the year ending March 31, 2025.
Barclays wrote in a brief note Tuesday that while the deal shouldn’t have much impact on Richemont as a whole, “we welcome the fact that Richemont focuses on its core jewelry division.”
Bernstein’s Luca Solca called the acquisition “a positive” given the brand’s “distinctive design and character, and described it as “one of the best small independent jewelry brands.”
Solca sees the acquisition as a repeat of “the successful Buccellati and Van Cleef & Arpels strategy. Richemont has a credible history of developing small brands into category leaders with material impact on the bottom line.”
He estimates that Vhernier has revenues between 50 million and 100 million euros, and compared it to Buccellati, which in 2019 had around 50 million euros in revenue. Solca added that Buccellati, for which Richemont paid an estimated 230 million euros, will be able to maintain “a high double-digit” growth trajectory.
Richemont shares closed up 0.6 percent at 132.70 Swiss francs on Tuesday.
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