MILAN – Gucci luxury goods maker says it has agreed to buy Richard Ginori, the historic porcelain maker, for 13 million euros ($16.8 million) and plans to relaunch the brand.
The plan presented to reporters on Tuesday calls for restructuring the brand financially, then developing tableware for the luxury market.
Gucci said in a release that Richard Ginori will produce mostly for its own label, but that the two Florentine brands will also rekindle an old partnership to manufacture luxury tableware carrying the Gucci brand.
Under the deal, Gucci has agreed to take on 230 of the 300 Ginori workers employed at a plant in Sesto Fiorentino and has pledged investments to improve efficiency. The deal is expected to be finalized next month.