December 23, 2016 / 12:30 PM / a year ago

China's Gangtai buys Italian jeweller Buccellati

MILAN, Dec 23 (Reuters) - Italian private equity firm Clessidra said on Friday it had reached an agreement to sell an 85 percent stake in high-end jeweller Buccellati to Chinese conglomerate Gangtai Group.

The Bucellati family, who in 1919 founded the jeweller famous for its ornate, lace-like creations, will retain a 15 percent stake.

Sources familiar with the matter told Reuters in May that Cartier owner Richemont was in talks to buy a controlling stake in Buccellati from Clessidra.

Clessidra , which recently changed hands and is now owned by Italy’s Pesenti family following the death of its founder, bought a 67 percent stake in Buccellati back in 2013.

It said Buccellati’s revenues had risen 60 percent since then. (Reporting by Valentina Za)

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