KERING SIGNS FOR RASELLI FRANCO — A STRATEGIC, STAGED ACQUISITION
Kering will acquire an initial 20% stake in Raselli Franco Group for €115 million, beginning in Q1 2026, with a contractual pathway to full ownership by 2032 — a move that secures critical manufacturing capacity and vertical control across the Group’s jewelry Houses.
- Price: €115 million (initial tranche)
- Stake: 20% initially; full ownership target by 2032
- Target: Raselli Franco Group — European jewellery manufacturer (founded 1969)
- Date: Press release 18 December 2025; initial close expected Q1 2026
What Kering bought — and why it matters
Raselli Franco is one of Europe’s largest independent luxury jewellery manufacturers. Its workshops combine casting and CNC machining with hand-finished joins and a laboratory-grade approach to prototyping. The company’s facilities produce components through a sequence of metallurgical and finishing steps that yield ceramic-smooth surfaces and a vitreous polish on stones — capabilities that are scarce at scale.
The acquisition is explicitly operational: it locks in a supplier that already services Kering’s Houses — Boucheron, Pomellato, Dodo and Qeelin — and folds that substantial heft of expertise into the Group. For Kering, this is less a brand buy than a capacity play: securing end-to-end production, stone sourcing traceability and R&D in one platform.
2025 trendline: verticalisation, sustainability and sculptural design
By 2025 the luxury jewellery market has been defined by three converging trends: selective verticalisation, buyer demand for verifiable provenance, and a shift toward more sculptural, architected forms that rely on advanced prototyping. This deal speaks directly to each. Consolidating Raselli’s traceability systems and R&D into Kering’s operations strengthens material-level sustainability — a priority for buyers and regulators — while enabling more complex, lab-quality finishes and faster design-to-prototype cycles.
Lab-grown stones and certified recycled metals remain important levers; owning a manufacturer with integrated sourcing and production lets Kering experiment with mixed-material executions and pass regulatory and ESG audits with greater confidence.
Impact for US retailers and investors
For US retailers this transaction matters on three fronts. First, supply resilience: vertical integration reduces exposure to third-party bottlenecks and provides priority access to limited production runs. Second, margin control: insourcing critical manufacturing steps can compress lead times and reduce per-piece cost volatility — a tactical advantage when managing high jewellery assortments. Third, branding and provenance: retailers can lean on Kering’s strengthened traceability to meet U.S. buyers’ growing demand for certified origin and low-carbon credentials.
For investors the staged structure is notable. An initial €115m buy-in with a contractual path to full acquisition stretches capital deployment while signalling long-term commitment to the jewellery segment. It reduces immediate capital strain and gives Kering optionality to integrate operations incrementally, smoothing regulatory and integration risk.
Risks and next steps
The transaction remains subject to customary closing conditions and regulatory approvals. Integration risks include harmonising IT and traceability ledgers, aligning supplier contracts across jurisdictions, and retaining technical talent accustomed to family-owned operations. If managed well, the acquisition can materially raise Kering’s manufacturing margin and accelerate product pipeline velocity across its Houses.
In sum: the deal secures a rare manufacturing platform with lathe-like precision and an integrated sourcing ledger — an operational asset that reshapes how Kering will deliver jewellery over the next decade.
Image Referance: https://www.globenewswire.com/news-release/2025/12/18/3208082/0/en/Kering-announces-the-staged-acquisition-of-Raselli-Franco-Group-a-leading-jewelry-manufacturer.html