Gismondi 1754 buys the historic Vendorafa Lombardi from the Lvmh group. The company, active since 1951, had passed under the banner of the French group last year, with the transfer of Pendemonte to which Vendorafa belongs, by the private equity fund Equinox III Slp Sif. Now the French giant sees Vendorafa and some of the company’s assets. The trademark and annexes went to Gismondi 1754 for 608,000 euros.
Vendorafa was born as a jeweler with its own brand and, over the years, has also started the design and creation of exclusive lines for major international brands. With over 70 years of history, Vendorafa’s jewels are distinguished by their manual processes, such as hammering, engraving and embossing and are a symbol of Valencian craftsmanship exported all over the world. The operation will allow Gismondi 1754 to integrate the Vendorafa brand into the Group, which will maintain its identity, brand and commercial positioning on the market.
Vendorafa products are historically recognizable for the completely handcrafted processes that enhance the value of gold, its light and its aesthetic warmth. A very strong point of contact with Gismondi 1754, which for centuries has exalted the craftsmanship and Italian spirit of manufacturing, albeit in different types of jewellery: the Gismondi 1754 collections are more iconic and high-end, while more daily use and based on metalworking those of Vendorafa. On the market, therefore, the two brands will continue to represent their different image and clientele independently, but sharing the important production and commercial synergies.
The operation has a strong strategic value for the Gismondi 1754 Group. In addition to acquiring the total inheritance of the Valencian brand, with the designs, the historical collections, the stock of some iconic jewels and the production machinery, it will also carry on the large and recognized international presence of Vendorafa, with particular reference to the USA and Japan.
As far as the United States is concerned, the Valencia brand is present both in 30 qualified retailers, both in wholesale chains (Saks, Neiman Marcus), and in independent jewelers that sell primary luxury brands, such as Brigham, Louis Anthony, Diamond Genesis , A.Marek, Louis Anthony and many others. In Japan, Vendorafa is distributed by Unoaerre Japan, and this represents an opportunity for immediate development also for Gismondi 1754, which does not yet have a widespread presence in that market.
This operation has a double meaning in the growth path of our Group, which combines the industrial and commercial vision that we have in mind and on which to lay the foundations of our development. This represents the first of a series of acquisitions, between now and the medium term, aimed at strengthening the Group’s presence in the sector. An operation that also brings with it the sentiment and will to safeguard and give strength to SMEs, which are the true guardians of Made in Italy that the whole world envies us. I believe it is increasingly necessary to provide a space in which work ethics and respect for the individual find a vital environment in which to work and grow. With Vendorafa we give continuity and strength to an international brand; I was immediately struck by the common roots in our motto “handmade in Italy by Italians” which distinguishes us and with which we enhance Italian craftsmanship and high specialization in the goldsmith sector. We are truly proud to keep the essence of a brand like Vendorafa alive and bring it into our Group, which for seven generations has represented and defended the ethics, tradition and quality of manufacturing in our country.
Massimo Gismondi, CEO of Gismondi 1754
The operation of Gismondi 1754, the historic Genoese jewelery Maison, takes place after the announcement of the results for 2022, with a consolidated production value of 15.2 million euros (+52% compared to 2021), Ebitda (gross margin ) at 3 million (+213% compared to the previous year) and a consolidated net profit of 1.6 million, also showing a strong increase (+364%). Other data communicated by the company, listed on the Euronext Growth Milan list of Borsa Italiana, concern the consolidated shareholders’ equity at 11.0 million (+20%) and the net financial position at 3 million (debt compared to 290 thousand in 2021).
