Gucci owner buys in Chinese jeweler

PPR SA, the French owner of Gucci, has acquired a majority stake in Chinese jeweler Qeelin for an undisclosed price to bolster growth in its largest market for high-end goods.

Qeelin, whose jewelry sells for HK$20,000 ($2,600) to HK$300,000, has 14 boutiques and is offered in stores such as Colette in Paris and Restir in Tokyo, Paris-based PPR said. The transaction will probably close in January, the company said.

More than half of Qeelin's clients are from the Chinese mainland, PPR said.