Warren Buffett Will Buy Italian Jewelry Brand

According to Reuters, Richline International, part of Warren Buffett’s Berkshire Hathaway, is going to buy the fifth Italian Jewelry brand to further enlarge its Italian market.

Based in Italy, Richline International is fully owned by Berkshire’s unit Richline Group, a US jewelry manufacturing and distributing company. The company claimed that it had already signed a letter of intent to purchase the production, design, intellectual rights and distribution of Carniani, but Richline did not disclose the details of the deal.

Founded in 2007, Richline Group now owns many popular jewelry brand such as Andin, Alarama, Aurafin, Auragem, Bel-Oro, etc.Earlier this year, Richline Group has acquired four other Italian jewelry brand, including children’s jewelry maker Erz, earring and bracelets maker Farinex, 7AR and Zeno.

Dennis Ulrich, CEO of Richline Group, said that the company would still look for other acquisition opportunities in the Italian jewelry market after purchasing Carniani. He said that Richline would be interested in small artisanal jewelry makers and industrial companies as long as they are able to produce creative products with high quality.

According to Ulrich, Richline Group made $500 million total sales last year. By purchasing Italian jewelry brands and setting up Richline International as the hub for further expansion into the market, Richline will go beyond traditional North American market and largely increase its sales in Italy, France, Germany, Britain, Australia and Hong Kong. He expected Carniani to double the sales in one year and the whole Richline International to increase its business by 50% through the new acquisitions and internal growth.