Luxury conglomerate Richemont has snapped up a controlling stake in Gianvito Rossi during a very busy week for footwear acquisitions.

Terms of the deal were not disclosed, but Gianvito Rossi, founder, CEO and creative director of his 17-year-old eponymous label will retain a stake.

“Gianvito Rossi is an exceptional maison with unique savoir-faire in the world of shoemaking,” said Philippe Fortunato, CEO of fashion and accessories maisons at Richemont in a statement. “Its core attributes of uncompromising quality, elegance and timelessness are perfectly aligned with Richemont’s values.”

The executive said Richemont’s main goal would be to maintain the designer’s commitment to quality and creativity, while helping to fuel its long-term development.

Rossi, a third generation shoemaker who grew up under the tutelage of his legendary father Sergio Rossi, has been unwavering in his commitment to elegant, feminine designs despite an overall shift toward casualization in recent years.

“I believe today’s women are still looking for shoes that enhance their silhouette, empower them and make them feel beautiful. This goes beyond trends,” he told FN last year.

Commenting on today’s deal, Rossi said in a statement: “I have found in Richemont a partner who shares common values such as the greatest attention to quality, design and craftsmanship and the preservation of tradition handed down from generation to generation.”

Rossi, whose headquarters and factory is based in the shoemaking hub of San Mauro Pascoli, Italy, operates 36 stores globally. The designer said he tapped Richemont to help plot the company’s next stage of growth.

“I decided to choose them to keep developing the brand worldwide and for their expertise and model of global expansion,” said Rossi.

The deal marks a significant move into footwear for Richemont, which has been diversifying its luxury portfolio in recent years. Rossi will be grouped into the company’s “other” category, which includes handbag purveyor Delvaux, Montblanc, Chloé, Alaïa and Dunhill among others.

Richemont said the deal would have no material impact on operating results for its 2024 fiscal year. The transaction is still subject to regulatory approvals.