PPR, the French owner of Gucci, acquired a majority stake in Chinese jeweler Qeelin for an undisclosed price.
Qeelin has 14 boutiques and its jewelry is sold in stores including Colette in Paris and Restir in Tokyo, PPR said in a statement. The transaction will probably close in January, Paris-based PPR said.
PPR has “great ambitions” for the brand, PPR CEO Francois-Henri Pinault said in the statement.
PPR said in July it was in talks to buy a Chinese luxury company to bolster growth in its largest market for high-end goods. The Paris-based maker of Bottega Veneta handbags and Puma sneakers is reorganizing to focus on luxury, sports and lifestyle brands as it seeks to lift sales to 24 billion euros by 2020.
Qeelin runs seven boutiques in mainland China, four in Hong Kong and three in Europe.
PPR disposed of furniture retailer Conforama last year and agreed in October to sell Redcats’s U.S. sports and leisure business for US$215 million. Last week it agreed to sell the online retailer’s OneStopPlus large-size clothing business for an enterprise value of US$525 million.
PPR, which also plans to spin off the Fnac music and electronics chain in 2013, has said it will use some of the proceeds from disposals for acquisitions. The company is interested in small and medium-sized luxury and sporting goods makers with growth potential, Pinault has said.