NEW GEM: Milan-based private equity Clessidra SGR has agreed to buy a 70 percent stake in luxury jeweler and watchmaker Buccellati Group for 80 million euros, or $102.6 at current exchange. The transaction was signed between Clessidra and the Buccellati family, who retain a minority stake, along with Italian merchant bank Simest SpA.

Following the agreement with Clessidra, Gianmaria Buccellati will be named honorary president, while his son Andrea Buccellati will take on the role of president and will be responsible for style and products.

This story first appeared in the March 29, 2013 issue of WWD. Subscribe Today.

Buccellati currently counts 15 freestanding stores worldwide, including doors in New York, Chicago, Aspen, Colo., and Beverly Hills.

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