PPR acquires Chinese luxury brand

PPR, one of the top three luxury groups in the world, has acquired a majority stake in promising Chinese fine jewelry brand Qeelin to expand its global business and luxury market in China. The transaction will be finalized in January 2013, it announced on Monday.

PPR did not disclose the cost of the acquisition but said it was a similar size to its acquisition of Balenciaga in 2001.

Alexis Babeau, the managing director of PPR's luxury division, said after the acquisition PPR will help Qeelin to accelerate its expansion in China and even become the top brand in the world.

PPR promised that the operating strategy of Qeelin will not be changed and the brand will benefit from PPR's resources in property, media advertising and e-commerce. More new stores will be opened in the Chinese mainland and Hong Kong soon.

Qeelin is a recognized international fine jewelry brand with a very strong identity expressed through a contemporary Chinese environment in its boutiques and its blend of East and West inspirations in its collections.

Qeelin was launched in Paris in 2004. It currently has 14 stores — in China, Hong Kong, the UK and France.