MILAN — All’s well that ends well.
Italian tableware and ceramics brand Richard Ginori 1735 SpA has finally acquired the manufacturing plant housing its production, located in Sesto Fiorentino, on the outskirts of Florence. Financial terms of the deal were not disclosed.
The Tuscany-based industrial site had previously been rented from liquidators and a pool of banks since 2013, when Richard Ginori was declared bankrupt. In April that year, Gucci acquired Richard Ginori at an auction with an offer of 13 million euros.
After nearly five years, last December the acquisition of the industrial site was agreed upon and a memorandum of understanding was signed by the parties, which included representatives of the Italian ministry of economic development, the Region Tuscany, the Sesto Fiorentino municipality, as well as banks and liquidators.
Through the operation, the company’s control over its assets is complete, allowing it to reach the goal of “focusing on the brand’s industrial activities as a fundamental step in the ongoing process of relaunching and developing the Manifattura [Richard Ginori], in Italy and internationally,” the company said in a statement.
In early 2016, Gucci’s parent company Kering took over Richard Ginori with the goal to directly manage it. Gucci was then going through a phase of changes following Alessandro Michele’s arrival as creative director in January 2015. Michele, who had joined Gucci’s design team in 2002, had also been named creative director of Richard Ginori in September 2014. In July last year, Gucci revealed the launch of a Décor line, including porcelain items manufactured by Richard Ginori.