PPR Buys Majority Stake In Forbes China Fashion 50 List Member Qeelin

PPR, the French global fashion giant whose brands include Gucci, has acquired a majority stake in Hong Kong-based luxury jewelry chain Qeelin, in a move that underscores the growing importance of Chinese brands and purchasing power in the industry. 

Qeelin’s chairman Dennis Chan was a member of the “Influential Chinese in Global Fashion” list published last year by Forbes China, the licensed Chinese-language edition of Forbes. (See link here.)

Founded in 2004, Qeelin is among the first Chinese luxury jewellers to operate an international network of stores worldwide. Qeelin  currently has 14 boutiques worldwide, including seven in the mainland, four in Hong Kong and three in Europe. It competes in Greater China with larger businesses such Tiffany from the U.S. and Chow Tai Fook, the Hong Kong-based company controlled by billionaire Cheng Yu-tung.

The transaction should be finalized in January 2013, according to a PPR statement on Sunday.  It didn’t say how much PPR paid.