PARIS — PPR said late Sunday it has acquired a majority stake in Chinese fine jewelry brand Qeelin, with immediate plans to accelerate its expansion through store openings in Hong Kong and Mainland China.
The acquisition beefs up the French conglomerate’s holdings in hard luxury, which include the Place Vendome jeweler Boucheron and watch brands Girard-Perregaux and JeanRichard.
“Qeelin uniquely translates Chinese inspiration into fine contemporary jewelry design and shows strong growth potential in China and beyond,” stated PPR chairman and chief executive officer François-Henri Pinault. “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.”
Launched in 2004, Qeelin today operates 14 boutiques — seven in Mainland China, four in Hong Kong and three in Europe — plus sells its collections through wholesale accounts.
Terms were not disclosed. PPR said the transaction should be finalized next month.