Kering Invests €115 Million in European Jeweler to Control Its Value Chain
Kering has completed the acquisition of 20% of the shares of Raselli Franco Group, one of the largest independent luxury jewelry manufacturers in Europe. This initial step, valued at €115 million, is part of a full acquisition schedule planned by 2032.
Kering has formalized the acquisition of an initial 20% stake in Raselli Franco Group for an amount of €115 million. Announced on December 18, 2025, this transaction represents the first step in a gradual integration process of the European jeweler. The agreement sets a precise timetable allowing Kering to become the majority shareholder by 2032. This operation is part of the luxury group's strategy to strengthen control over its value chain and support long-term growth of its Houses.
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This acquisition aligns with Kering's objectives to accelerate the development of Kering Jewelry, its division dedicated to the jewelry sector. Raselli Franco Group, as a significant independent manufacturer in Europe, complements the group's production capabilities. The gradual integration of this player is expected to enable Kering to enhance its luxury jewelry sourcing and consolidate its manufacturing chains.
About Kering
Kering is a global luxury group encompassing Houses known for their creativity in couture, ready-to-wear, leather goods, jewelry, eyewear, and beauty, including Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Boucheron, and Pomellato. The group had 44,000 employees and generated revenue of €14.7 billion in 2025.
À mesure que Kering progresse dans l'exercice 2026, son objectif demeure de renouer avec la croissance et d'améliorer sa profitabilité
Risks mentioned
Recul du chiffre d'affaires de Gucci de 5 % en comparable au premier semestre
Charges opérationnelles non courantes de 223 millions d'euros (cessions, dépréciations, restructurations)
Résultat net part du Groupe en baisse de 60 % à 189 millions d'euros
Opportunities identified
Endettement net réduit de 4,7 milliards d'euros grâce à la cession de Kering Beauté
Contrat de licence beauté Gucci-L'Oréal exclusif sur 50 ans à compter de mi-2027
Kering Jewelry +20 % en comparable, marge courante en hausse de 2,7 points
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
