Luxury group Richemont has acquired a controlling stake in Italian footwear brand Gianvito Rossi. It described the acquisition as a private transaction.

The shoe brand’s founder, Gianvito Rossi, will retain a stake in the company and will continue to develop the business in partnership with Richemont.

He founded the brand in 2006 in the famous shoe manufacturing town of San Mauro Pascoli. It now has its headquarters in Milan. Gianvito Rossi is the son of famous shoe designer Sergio Rossi.

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