China's Gangtai Group completed its acquisition of 85 percent of Italian jewelry brand Buccellati at a cost of 196 million euros ($233 million) on Tuesday.

The deal, which values Buccellati at 230 million euros, will see Gangtai invest an additional 200 million euros into the company to help its global expansion over five years. This additional investment will help Buccellati open another 88 stores globally.

Xu Jiangang, founder and chairman of Gangtai, said: "Our goal is to further improve the international presence of this iconic brand. We have defined a five-year investment plan of 200 million euros to sustain a strong growth in the existing markets, namely Italy, Europe and North America, and also to develop in the new markets, such as China, Asia, the Middle East and East Europe".

Xu added that Gangtai will work to "maintain Buccellati’s identity while enhancing all of the elements which make it one of the best known brands worldwide in the fine jewelry sector, including its craftsmanship, design and originality, which are the heritage of Italian jewelry."

Buccellati, founded in Milan in 1919, is one of the most prestigious Italian jewelry brands. It was previously owned by the Clessidra private equity fund and the Bucellati family, which created the brand.

After the sale, Clessidra and the Bucellati family will jointly retain 15 percent stake in the company.

To ensure the continuity of the brand’s traditions, the core family members will keep their roles as managers within the company

Andrea Buccellati, honorary chairman of Buccellati, said: "We will continue to devote ourselves to supporting its development."

Buccellati added Gangtai Group's commitment to keep the jewelry’s production in Italy represents its commitment to "preserve the company's uniqueness, especially its excellence, craftsmanship and quality".

Gangtai Group is a privately held conglomerate with business across the consumer, culture, finance and health industries. Its subsidiary Gansu Gangtai Holding Co is one of largest gold jewelry distributers and a leading internet jewelry retailer in China with more than 1,200 employees.