Gismondi 1754 Acquires the Vendorafa Lombardi Brand From LVMH
MILAN — Italian jewelry house Gismondi 1754 said Monday it reached an agreement with Lombardi Srl to take over the Vendorafa Lombardi jewelry brand and some company assets for 608,000 euros.
Established in Italy’s goldsmith district of Valenza in 1951, Lombardi Srl is controlled by LVMH Moët Hennessy Louis Vuitton’ watches and jewelry division.
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In addition to its proprietary collections, over the years Vendorafa Lombardi has also designed and manufactured exclusive jewelry lines for marquee international brands. Its products are best known for boasting artisanal workmanship, such as hammering, engraving and embossing techniques.
The deal will enable Gismondi 1754 to integrate the Vendorafa brand and flank it to the namesake proprietary label. Vendorafa will maintain its identity and commercial positioning on the market, which is more accessible compared to the high-end and exclusive proposition of Gismondi 1754. Hence, the strategy of the group is to diversify its offering and target different customers, while leveraging production and distribution synergies.
“This represents the first in a series of acquisitions in the medium term aimed at strengthening the group’s presence in the sector,” said Massimo Gismondi, chief executive officer of the Genoa-based, family-run company.
“With Vendorafa we give continuity and strength to an international brand; I was immediately struck by our shared values [represented by the] motto ‘handmade in Italy by Italians,’ which sets us apart and through which we enhance Italian craftsmanship and its high specialization in the goldsmith industry,” he added.
In addition to acquiring the brand — including its designs, archival collections, the stock of some iconic jewels and the production machinery — Gismondi 1754 will continue to build on Vendorafa’s international presence, especially in the U.S. and Japan.
In the former market, the brand is present in 30 specialized retailers as well as department stores including Neiman Marcus and Saks Fifth Avenue; in the latter, Vendorafa is distributed by Unoaerre Japan, which is seen as a launchpad to expand the Gismondi 1754 brand in the same country, too.
As reported, earlier this year Gismondi 1754 also inked a five-year deal with Qatar’s Al Mana family to boost its retail and wholesale distribution in the GCC area. As part of the agreement, seven franchised stores are expected to open in the region in the next five years, starting with one in Doha, Qatar’s capital, in June.
Gismondi 1754 has stores in Italy’s Genoa, Milan and Portofino; St. Moritz, Switzerland; Prague, Czech Republic, and Saint Barth, among others. In the U.S., the company is looking to further boost its wholesale presence, as well as eyeing the launch of retail stores, including possibly one on Madison Avenue in New York City. To support these plans, last month the company established the Gismondi 1754 USA Inc. branch in New York and named seasoned jewelry and fashion executive Giovanni Mattera Vairo CEO in the Americas.
Listed on Euronext Growth Milan, the segment of the Milan Bourse dedicated to small and medium-sized companies, since 2019, the Gismondi 1754 group saw total revenues jump 44 percent to more than 14 million euros in 2022 versus 2021.
The company dates back seven generations, when in 1754 Giovan Battista Gismondi was born in Genoa. At the age of nine, he learned the art of “working silver,” and when he gained his silversmith license, he became a supplier to the Doria family and Pope Pius VI. The Gismondi family for generations continued as silversmiths, creating sterling silver crosses, tableware and ornaments and other pieces for the church.
Vendorafa Lombardi is part of Pedemonte Group, a jewelry manufacturer with divisions in Italy and France that was formed in 2020 under the Equinox III SLP SIF investment fund. The group combined Vendorafa Lombardi with Villa Pedemonte Atelier, a large-scale production specialist that also has a long history of collaborating with international luxury brands, as it has collaborated with LVMH’s various houses. At the time of creation, the two companies reported combined revenue of 41 million euros.
As reported, last year LVMH acquired the young fine jewelry group from Equinox for an undisclosed amount.
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