In the luxury sector, the most decisive announcements aren't always the most flashy. Sometimes, real power is won far from the catwalks, in workshops where a setting is adjusted to a tenth of a millimeter, where an alloy is tested, where a prototype is reworked until it's "just right." This is precisely what Kering : the group has signed an agreement to acquire Raselli Franco Group, one of the largest independent manufacturers of luxury jewelry in Europe.
The operation begins with a very concrete first step: an initial 20% stake in the first quarter of 2026, for 115 million euros.
Behind these figures, there is a clear intention: to secure critical manufacturing capabilities, strengthen control of the value chain, and accelerate the growth of the group's jewelry houses: Boucheron, Pomellato, Dodo and Qeelin.
This acquisition is part of a broader trend: jewelry, more "resilient" than fashion in certain cycles, has become a territory to conquer.
Why is Kering accelerating its investment in jewelry now?
Fashion sprint : seasons, runway shows, buzz, desire, then oblivion. Jewelry operates differently. It also sells on emotion, of course, but it relies more on tangible elements: perceived value, the gift, the heirloom, the durability of an object to be treasured. Kering states this clearly in its press release: its jewelry houses benefit from strong momentum and significant recurring revenue, a source of long-term resilience.
Jewelry is a segment that can cushion shocks, smooth out fluctuations, and strengthen a portfolio.
An "industrial" reading of luxury: controlling what matters
Luxurytoday is no longer just about image. It's about capability : being able to produce at the right level of quality, within the right timeframe, without compromising standards. For jewelry, this equation is particularly delicate: skills are rare, production times can be long, and the slightest flaw is immediately apparent.
By signing with Raselli Franco Group, Kering is making a structural choice: rather than depending exclusively on a network of external workshops, the group is choosing to secure part of its volumes and know-how within a partner it has known "for several decades".
An acquisition that also speaks to management strategy
The announcement was widely commented on because it marks a strong movement in the context of the group: Reuters presents this deal as the first acquisition announced under the leadership of Luca de Meo, with a logic of diversification towards categories considered less cyclical than fashion.
Kering is not simply adding a name to its portfolio. It is investing in the "engine" that will power its jewelry business.
Raselli Franco Group: Valenza's expertise at the service of leading fashion houses
Founded in 1969, Raselli Franco Group is a family business renowned for its excellence in the manufacture of jewelry and fine jewelry. The group is based in Valenza, between Milan and Turin: a region that, in the Italian jewelry world, is as important as the Place Vendôme in Paris: it is a district of production, expertise, and networks, where skills are passed down and refined.
The company also has an international presence (offices in Paris and North America, as well as in Asia), which is not insignificant: it allows it to engage with global clients and to understand the very different requirements from one market to another.
A "manufacturer" that covers the entire chain
What distinguishes Raselli is not just manufacturing. It is the ability to cover a complete chain: from the sourcing of raw materials and precious stones to R&D, design, component creation, assembly and quality control.
For a House, this is invaluable: the fewer intermediaries there are, the more consistency, confidentiality, and often responsiveness you gain.
The strength of the techniques: molding, CNC machining, precision
Kering emphasizes a specific skill of Raselli: mastery of CNC (computer numerical control) molding and machining, which allows for sculpting, engraving and shaping precious materials with exceptional precision.
In a world where detail makes value, these techniques serve two purposes: final quality, and the ability to move from prototype to reliable production — without losing the creative intention.
What Kering is really buying: capacity, time, and control
Securing production in a tense market
The luxury jewelry industry has a "structural" problem: everyone wants top-quality work, very quickly, with limited teams. Skilled workshops don't grow on trees, and training a gem setter or polisher takes time. By securing a stake in Raselli, Kering gains privileged access to high-level production capabilities, which the group explicitly presents as "essential" for its jewelry business.
Strengthening the value chain: when luxury "re-internalizes"
In recent years, many groups have sought to strengthen their control over key links: components, workshops, logistics, and materials. The goal is not to own everything, but to better control what is critical: quality, availability, traceability, and the capacity for innovation.
In its press release, Kering explains that the acquisition is part of a strategy to strengthen control over the value chain. This sounds technical, but it's very simple: when a piece of jewelry is delivered late or fails quality control, the brand pays twice, both in terms of revenue and reputation.
Accelerating innovation, without betraying craftsmanship
Innovation in jewelryisn't always a visible revolution. Sometimes it's a new way to lighten a setting, improve wearing comfort, achieve a brighter surface, or reduce material waste during manufacturing. Having a partner capable of integrated prototyping and R&D allows for more testing, faster, and with less friction.
What this means for Boucheron, Pomellato, Dodo and Qeelin
Boucheron thrives on excellence and audacity: sculptural pieces, plays on volume, precious stones, and complex settings. The higher the creative ambition, the more the workshop must keep pace. A manufacturer well-equipped for prototyping and precision machining can help secure developments, improve repeatability, and achieve ever-finer finishes.
Pomellato: color, texture, consistency
Pomellato, with its highly recognizable style (colors, stones, worked gold), faces a significant challenge in maintaining consistency: preserving the same feel on the wear, the same density, the same harmony, even when the volumes increase. A robust production chain, capable of finely controlling each step, becomes a key advantage. The goal is not standardization, but to protect the signature style.
Dodo: agility, rhythm, and the "conversation" gem
Dodo often targets a younger, more spontaneous audience, with a focus on collecting, personalization, and creating small, customizable pieces. Here, the key is agility: knowing how to produce, restock, and adapt. An integrated industrial partner can help streamline the model without compromising quality.
Qeelin: technical excellence serving a cultural vision
Qeelin, a brand closely linked to Asia and a specific cultural identity, requires precision and refinement, particularly for pieces with a strong identity. Strengthening industrial expertise helps support international expansion while maintaining the expected standards and level of finish.
A "phased" acquisition: why this timeline extending to 2032?
A trajectory that secures integration
The deal is not a one-off takeover. Kering describes it as a phased acquisition, with a specific trajectory towards 100% ownership by 2032. This type of structure often conveys several messages at once:
- we want to integrate without disrupting a company culture;
- we want to give key teams time to remain engaged;
- we want to preserve continuity of production, without operational "shock";
- We want to move forward with a timetable that is compatible with the authorizations and closing conditions.
Maintaining a "workshop" spirit, even in a large group
One of the risks when a group acquires a manufacturer is the loss of its soul: procedures, reporting, pressure, standardization. Yet a workshop of excellence often relies on a fragile alchemy: skills, habits, pride, a rhythm. Gradually increasing its stake in the company can be the tool to preserve this alchemy while injecting resources.
Andrea Raselli, CEO of the group, insists on continuity: the agreement should allow them to "continue to serve" the Houses with which they have collaborated for a long time, sharing values of excellence, innovation and agility.
Market expectations: traceability, sustainability, personalization
Kering highlights Raselli's commitment to traceability and high standards. In the jewelry industry, these issues have become essential: the origins of materials, the supply chain, and transparency in practices. The more controlled the supply chain, the more it is possible to document, prove, and secure.
Personalization: a luxury experienced down to the millimeter
Jewelry is becoming increasingly personalized: engravings, limited editions, variations in stones, and choices of sizes and finishes. This creates new pressure on workshops: they must be able to produce "made-to-measure" pieces on a reasonable scale without compromising quality. Integrated prototyping and manufacturing capabilities are a natural advantage in this context.
Technology, discreet but structuring
Jewelry is sometimes associated with timelessness. But in the workshop, technology is very much present: modeling, machining, quality control, and optimization of material waste. CNC machining, highlighted by Kering, fits perfectly into this logic: technology at the service of the craft, not replacing it.
Challenges to watch out for: what will determine the success (or failure) of the operation
Retaining talent, and continuing to train
Raselli's true capital isn't its machines. It's its people: prototype makers, crimpers, polishers, and quality control inspectors. If integration drives away talent, the operation loses its purpose. Success will therefore depend on the ability to maintain an environment where standards are high, but where everyone feels respected, heard, and valued.
Avoid the bottleneck effect
When a group secures a workshop, the temptation is strong to increase the workload. However, in jewelry making, you can't "push" a workshop the same way you push a factory. There are physical and human limits. The challenge will be to find the right balance between increasing production and maintaining the current level.
Delivering on the promise: "more capacity", without compromising quality
Kering justifies the operation by citing the strengthening of its capabilities and craftsmanship. This is an implicit commitment: if, in the long run, the perceived quality declines or if the pieces lose their refinement, the market will immediately penalize it.
What this acquisition says about the battle for luxury in 2026
This acquisition can be read as another chapter in a transformation: luxury no longer just wants to create desirable objects, it wants to control what makes these objects possible: materials, know-how, tools, control.
It is also a way to be less vulnerable: less vulnerable to capacity disruptions, to exploding delays, to geopolitical tensions that disrupt supply chains, or simply to competition that “reserves” the best workshops.
A signal sent to the market: Kering wants to be a major player in jewelry
With Boucheron and Pomellato, Kering already has strong pillars. But jewelry is a game of patience: it requires investment, establishing iconic brands, building customer bases, and developing networks. Strengthening the industrial base is a way of saying: "We're here to stay, not to experiment.".
And, incidentally, the group points out that this operation values Raselli at around 575 million euros, according to press analyses: a figure that illustrates the level of competition on premium industrial assets.
A behind-the-scenes purchase, but a high-profile move
The gradual acquisition of Raselli Franco Group is anything but a "glamorous" announcement. That's precisely what makes it interesting. It's a sign of a luxury sector that is structuring itself, securing its position, and investing behind the scenes to shine brightly in the public eye.
By taking 20% from 2026, then charting a course towards 2032, Kering is choosing the method: to move forward without brutality, to integrate without breaking, and to build a solid industrial base for its jewelry houses.
If the operation is carried out with finesse: respect for talents, targeted investments, maintenance of excellence, it can become a silent accelerator: one that allows Boucheron, Pomellato, Dodo and Qeelin to grow faster, higher, and more sustainably, without losing what makes jewelry what it is: precision, time, and that touch of magic that no machine can replace.
