Past Event: Stanford GSB Chapter of Hong Kong

Date:
Lunch, Monday, 6 November 2017
Speaker Series:
ANDREA BUCCELLATI, Honorary Chairman & Creative Director, Buccellati

Topic:
Retracing Marco Polo: From Texture-Like Jewelry to the Tissue of a Multi-Generational Family Business
How Italy’s Buccellati Shifted From Family Control to PE and then Chinese Group Partnership to Conquer the World’s Most Important Retail Markets

Time:
12:00   Registration
12:30   Formal Lunch Service Begins
12:45   Remarks, followed by Q&A
14:00   Event close

Place:
China Club, 13/F, The Old Bank of China Building, Bank Street, Central, HK
NB: please note strict China Club dress code (no T-shirts, polo shirts, shorts/short trousers, sandals, trainers or slippers permitted)

Cost & Registration:
To register, please go online and CLICK HERE TO RSVP and pay online. For lunch menu, please click here.

Advance/Early Bird Credit Card/PayPal registration of HKD 650 (if by 23:59 Thursday night 2 November 2017). Cash Payment or Late Bird Pre-Payment will be HKD 850Please bring exact amount if paying Cash at the Door (no change will be provided, cash payment only for Walk-Ins). No refunds for no-shows or post-payment cancellations. Early Bird pre-paid registration is strongly encouraged. Questions/problems? Please email vp@stanfordgsbhk.org.

Guests:
Guests permitted.

Speaker's Bio
See below

Event Details:
The Stanford GSB Chapter of Hong Kong is pleased to invite you to a conversation with Andrea Buccellati, Honorary Chairman & Creative Director, and third generation family owner of Buccellati, founded in Milan almost a century ago in 1919 and one of Italy’s most prestigious jewelers.  Considered the most exclusive jeweler in its category
(which includes Bulgari, Cartier and Van Cleef & Arpels), and renown for its tissue-like hand-crafted “limited editions of one” that can cost up to USD 200,000, Buccellati’s clients include the Vatican and many of Europe’s Royal Courts. 

Yet despite its global prestige, Buccelatti’s origins are surprisingly modest, beginning with the firm
patriarch, Mario, taking over the 1750 founded Milan goldsmith firm, Beltrami & Beltrami run by his cousins to which he was first apprenticed at age 12. From such beginnings, a global reputation spread. Yet Buccelatti’s first overseas store was only opened more than 30+ years later in 1951, in NYC and Florida, finally coming to Asia in the 1970s, first in Hong Kong and then Tokyo, with 13 stores and 18 “stores within a store” globa lly, today.  Over 50% of Italian store sales, alone, are from int’l customers and 70% of profits come from “one-off” unique items all hand-made at three Italian and one Swiss workshops.

Yet, like many family businesses, however, the Buccellatis have faced generational change and growth challenges with its recent history a template of both private equity’s increasing role in family business and China’s rise and opportunities.

The subsequent need to consolidate the brand (including a  successful trademark infringement verdict against a family granddaughter’s separate business line), and formalize growth in the face of the rising China opportunity first let to the 67% entry of Clessidra Capital Partners in 2013, a specialty PE fund focused on taking “made in Italy” family companies global. A fresh logo was designed, a website relaunched, new products offered (included luxury iPad and iPhone covers), an expanded boutique footprint initiated and the former CEO of Lanvin hired. Yet shortly thereafter, it was decided that even stronger allies were needed to meet growing int’l market challenges. And, in December 2016, 85% of the Company was sold to China’s Gangsu Gantai Holding (one of China’s largest gold jewlery distributors/retailers) to more deepely enhance access there while also bringing almost USD 250MM in additional growth capital to the table.

Yet through these changes, the family has maintained its presence – today 15% with Clessidra - and continues to drive the strategic and creative vision, with all jewelry continuing to be made in Italy.

How does Andrea see the future of Buccellati?  Is the Buccellati Family’s partnership with a major PRC player “the path of the future”, or simply the “right path for this family at this time”?  How do elite brands balance increased presence without diminishing perceived exclusivity? How does “made in Italy” compete against “made in Switzerland”, “made in France” and other markets where origin is part of the consumer value proposition?  Is the Buccellati strategy one only available to mature companies in heritage markets, or could younger brands emulate portions of this path?  And where does Buccellati go in its competition against Bulgari, Cartier and Van Cleef & Arpels from here?

We could not be more pleased to have you us for this special private event with Andrea to share his insights about his family’s business, the future of ultra-exclusive luxury goods, and the role of China in the same.

Speaker's Bio:
Andrea Buccellati began working at the family company at only 20 years, becoming President of the Group in 2013 and overseas all jewelry production.

In continuing the family tradition, he took the pioneering step, in 2014, with the entry of Lucrezia Buccelati, his daughter, as the first female designer of the House.

Since his joining the firm in 1978, Buccellati opened its first flagship Parisian store on Place Vendome, in San Francisco (at Gump’s), in Dubai (at Blomingdale’s), in Seoul, in Bal Harbour and refreshing the NYC presence through its move to a five story townhouse  on Madison Avenue. Museum exhibitions of the Group’s pieces have taken place over the years at The State Museum of Moscow, at the Reggia Di Venaria in Turn, at the Palazzo Pitt in Florence, at the Smithsonian and the Royal Ontario Museum in Toronto, among others.