Boucheron Acquires High Jewelry Workshop in Paris
The workshop is comprised of four companies: Blondeau, Belter, Chanson & Cie, and FG Développement.
Paris—Several months after LVMH took a majority stake in Platinum Invest Group, rival Kering has made a move to bolster its manufacturing capabilities.
On Monday, Kering-owned brand Boucheron announced the acquisition of an atelier that specializes in manufacturing high jewelry, all working out of a single facility not far from the brand’s longstanding workshop at 26 Place Vendôme in Paris.
French entrepreneur Cédric Gangemi, a jeweler by training, founded the group, which is comprised of four companies: Blondeau, Belter, Chanson & Cie, and FG Développement.
According to WWD, Gangemi worked at Chanson & Cie (established 1961) and Blondeau (established 1978) before taking them over.
He combined the two workshops under a single roof in 2017, with Belter and FG Développement later joining the atelier.
Boucheron CEO Hélène Poulit-Duquesne called the acquisition of this high jewelry workshop a “new chapter” in the company’s history, bolstering a segment of the business that parent company Kering recently called out as a strong performer in an otherwise subdued quarter.
“[This acquisition] will reinforce the production capacity of Boucheron’s historical workshop on Place Vendôme, enabling us to meet the increasing demand of our clients while maintaining the excellence of our craftsmanship,” Poulit-Duquesne said.
Together, the four companies employ about 60 artisans, a mix of CAD designers, jewelers, lapidaries, stone setters, and polishers.
Financial terms of the deal, which was finalized Oct. 31, were not disclosed, though Boucheron confirmed it will keep all the workshop’s employees, and they will continue to work out of the same location in Paris.
Frédéric Boucheron founded his eponymous jewelry brand in 1858. The Gucci Group acquired the company in 2000, and Kering upped its ownership in Gucci to a majority stake in 2003 and 2004.
Today, Boucheron has more than 50 stores worldwide.
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