Buccellati leverages heritage in China to scale as Richemont's artisanal growth engine
Bottom Line Impact
Executed well, Buccellati's China-focused heritage and family-led strategy can sustain double-digit revenue growth from a €300 million base, enhance margins through mix-up into high jewellery and silverware, strengthen Richemont's competitive position in branded jewellery, and deepen brand equity by cementing Buccellati as a reference artisanal maison for connoisseurs in China and beyond.
Key Facts
5- Richemont acquired Buccellati in 2019; estimated annual sales have grown roughly 6x from ~€50 million in 2017 to around €300 million currently, implying a CAGR of approximately 35–40 percent.
- Richemont's group sales for the six months to end-September rose 10 percent to €10.6 billion, driven primarily by its four jewellery maisons, including Buccellati.
- Branded jewellery now commands a 400–500 percent premium versus unbranded pieces, up from just 20–30 percent earlier in CEO Nicolas Luchsinger's career, structurally improving pricing power for maisons with strong signatures.
- Global jewellery sales are forecast to grow at a high single-digit rate in the coming months, with analysts recently upgrading Richemont and LVMH on expectations of a 2025 rebound.
- Buccellati's Shanghai retrospective showcases its 106-year craft heritage, including jewellery and silverware, with founder descendants embedded in key roles such as creative director, head of communications, and VIP sales.
Time Horizons
Key Roles Affected
Executive Summary
Buccellati is deploying a high-touch heritage exhibition strategy in Shanghai to deepen Chinese client engagement and reinforce its artisanal positioning just as branded jewellery is rapidly taking share and price premiums have expanded to 400–500 percent for signed pieces. With sales estimated near €300 million versus ~€50 million in 2017, this China- and heritage-led push positions Buccellati as a high-growth, high-mix complement within Richemont's jewellery portfolio, with material upside in average ticket, margin, and brand equity over the next 12–24 months.
Actionable Insights
Immediate Actions (Next 30-90 days)
Institutionalize a rolling calendar of heritage exhibitions and intimate client events in key growth cities (Shanghai, Beijing, Shenzhen, Hong Kong, New York, Los Angeles) with explicit sales and client KPI targets.
Rationale: The Shanghai retrospective demonstrates that curated heritage displays can be powerful acquisition and conversion tools in markets where branded jewellery is rapidly gaining share; codifying this as a repeatable format can support 10–15 percent incremental growth in high-jewellery and bespoke revenues from targeted cities over 12–18 months.
Role affected:CEO
Urgency level:immediate
Short-term Actions (6-12 months)
Build a content engine around Buccellati's 106-year craft story and family involvement, localised for Chinese digital ecosystems (WeChat, Weibo, Douyin, Xiaohongshu) and tied to specific exhibition and boutique experiences.
Rationale: With branded jewellery premiums now 400–500 percent, narrative and perceived heritage are core value drivers; turning family participation and workshop stories into scalable digital content can extend the impact of physical events and reduce CAC in China by anchoring Buccellati as a 'connoisseur brand'.
Role affected:CMO
Urgency level:short-term
Ring-fence capex and opex to expand high-margin categories (high jewellery, bespoke, and decorative silverware) while carefully pacing fixed-cost retail expansion in China.
Rationale: Given Buccellati's strong growth from ~€50 million to ~€300 million and the sector's high single-digit growth outlook, prioritising capital-light experiential investments and craftsmanship capacity over store-count expansion will protect margins and ROIC in a volatile China demand environment.
Role affected:CFO
Urgency level:short-term
Strategic Actions
Scale internal training programs for sales associates and artisans that emphasize storytelling, heritage, and cross-category selling, including secondments with family members and workshops.
Rationale: CEO Nicolas Luchsinger explicitly identifies sales associates as business-critical and the family as a key asset; systematically embedding these strengths into training can raise close rates and average transaction values, while safeguarding artisanal quality as volumes grow.
Role affected:CHRO/Head of Operations
Urgency level:strategic
Risks & Opportunities
Primary Risks
- China macro and property weakness could limit near-term discretionary spend, particularly among aspirational buyers, reducing the immediate sales payback of high-cost exhibitions and events.
- Overreliance on heritage and tradition without sufficient product innovation risks making Buccellati appear static compared to more fashion-forward competitors and local Chinese brands.
- Artisanal capacity constraints and a small pool of master craftsmen could create production bottlenecks, lengthening lead times for high jewellery and bespoke orders and frustrating VIP clients.
Primary Opportunities
- Deepening branded jewellery penetration in China and the US, where premiums of 400–500 percent for signed pieces support significant price and mix-up potential.
- Leveraging family members' active roles in creative, communications, and VIP sales to build a differentiated, high-trust clienteling model that is difficult for larger, more corporate competitors to replicate.
- Expanding into adjacent high-margin categories like decorative silverware and art objects, using design fairs and cross-industry collaborations to attract design-focused collectors and diversify revenue streams.