Italian jeweller Gismondi 1754 buys Vendorafa Lombardi from LVMH

By

Dominique Muret

Translated by
Nicola Mira

Published
Apr 4, 2023

Italian jeweller Gismondi 1754 has strengthened its position with the acquisition of Vendorafa Lombardi. The long-established Genoa-based company, led by the Gismondi family for seven generations and listed on the Milan stock exchange since 2019, has bought the Italian jewellery brand, owned by the LVMH group's Watches & Jewellery division since 2022. Gismondi has invested €608,000 in the acquisition, inclusive of the Vendorafa brand, of a stock of Vendorafa jewellery and various production and marketing assets.

Vendorafa Lombardi was founded as an independent jeweller in 1951 in the town of Valenza, a jewellery industry hub in Piedmont, Italy, where LVMH has an important jewellery-making facility. Over the years, Vendorafa has created collections for various major international brands.

Well-known for its artisanal expertise, particularly in techniques like hammering, chasing and embossing, in June 2020 Vendorafa Lombardi was incorporated by the Equinox investment fund within a group of fine jewellery producers, alongside manufacturers like Villa Pedemonte Atelier and other independent workshops. The entity, called Pedemonte Group, was acquired at the end of 2022, for an undisclosed amount, by Bernard Arnault’s luxury group, via the LVMH W&J Jewellery Operations S.r.l. subsidiary.

The Vendorafa Lombardi acquisition will enable Gismondi 1754, which has heralded further acquisitions in the medium term, to expand in the jewellery sector, broadening its pro duct range and distribution network. Vendorafa Lombardi will become part of the Gismondi 1754 group while maintaining its identity, brand name and commercial positioning. Its products differ from Gismondi’s extremely high-end collections, being “more suited to everyday use and based on metalworking.”

In a press release, Gismondi 1754 stated that “on the market, the two brands will continue to independently represent their respective, unique brand image and clientèle, while sharing significant manufacturing and commercial synergies.”

Vendorafa Lombardi has a strong international presence, especially in the USA, where it is distributed via 30 specialist retailers and department stores like Saks Fifth Avenue and Neiman Marcus, but also in Japan, via distributor Unoaerre Japan. This will give Gismondi 1754 the opportunity to enter the Japanese market, where the group is not yet present.

Gismondi was founded in 1754 in Genoa by Giovan Battista Gismondi, a supplier to Pope Pius VI and the powerful Doria family. Currently led by Massimo Gismondi, in 2022 the company generated a revenue of €14 million, up 44% compared to the previous year.