Warren Buffett's jewellery unit offers to buy Italian rival UnoAErre
18 Feb 2012
Richline International, the jewellery company that is part of billionaire investor Warren Buffett's investment arm Berkshire Hathaway, plans to buy its Italian rival UnoAErre (1AR), as it seeks to expand its Italian jewellery portfolio.
Founded in 2011 and based in Arezzo, Italy, Richline International, a unit of Berkshire Hathaway's wholly-owned Richline Group, has submitted a proposal to buy debt-laden 1AR Industries SpA to a court, which is overseeing the sale of the Italian jewellery company.
Founded in 1926 by Carlo Zucchi and Leopoldo Gori, 1AR was the first jewellery manufacturing company in the city of Arezzo-a major jewellery centre in Italy.
The name UnoAErre comes from 1AR, the identification hallmark assigned to the first goldsmith company of Arezzo.
Its jewellery is sold throughout the world under the name Gori & Zucchi, which is known throughout the entire jewellery industry.
It has subsidiaries in France and Japan, and has 500 direct retail shops and a network of 150 distributors.
Richline Group is a major jewellery manufacturer in the US, Bolivia, Italy and the Dominican Republic. Its major brands include Alarama, Andin, Aurafin, AuraGem, Bel-Oro, Finecraft, Michael Anthony, Sardelli, and Tru-Kay.
Richline did not disclose the financial terms of the offer.