France's PPR Buys Majority Stake in China's Qeelin
The French owner of the Gucci label, PPR, announced late Sunday that it had acquired a "majority" stake for an undisclosed amount in rising Chinese luxury jewellery brand Qeelin.
PPR said the transaction should be completed next month and that Qeelin has "tremendous intrinsic growth potential".
PPR chairman and chief executive Francois-Henri Pinault said in a statement: "We thus have great ambitions for the brand and will make it benefit from our expertise and know-how, so that it can speed up its development."
Qeelin chief executive and co-founder Guillaume Brochard said PPR was "the ideal strategic partner to lead our company towards a new stage in its development".
Hong Kong-based Qeelin has developed a network of boutiques in prestigious shopping districts around the world. It currently operates 14 stores. While most are in mainland China or Hongkong, it also has boutiques in London and Paris.
PPR's other designer brands include Yves Saint Laurent, Alexander McQueen and Stella McCartney.