French luxury group Kering will buy family-owned jewellery producer Raselli Franco Group, it said on Thursday, announcing an initial €115 million ($134.76 million) investment into the business.

The 20 percent stake will be further expanded to full ownership by 2032, Kering said in a statement.

The acquisition, the first made by the highly indebted luxury group under new chief executive Luca de Meo, highlights the group’s efforts to expand into categories less exposed to the business cycles of the fashion industry.

De Meo said the move would secure “critical manufacturing capabilities” and accelerate growth in the jewellery segment, where Kering owns brands including Boucheron and Pomellato.

By Tassilo Hummel; Editor: Dominique Vidalon

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The 20 percent stake will be further expanded to full ownership by 2032, Kering said in a statement.