Swiss luxury goods holding company Richemont Group has bought out Italian leather supplier Serapian, with the purchase price not disclosed.
A managing director is to be appointed, with the founding Serapian family no longer a stakeholder. However, it will continue to fill key roles in the company.
Richemont’s relationship with Serapian dates back to the 1970s when the Milanese firm supplied leather to Richemont brands Cartier and Dunhill, along with Azzedine Alaia, Chloe, Jaeger-LeCoultre, Lancel and Piaget.
Richemont plans to develop Serapian and use it across its portfolio as well as supplying leather to outside luxury brands. Other areas of development include bespoke items.
Serapian’s collections are all made in Italy, in a Milanese atelier that includes a laboratory, and in a factory on the outskirts of Milan.