French luxury conglomerate LVMH – Moët Hennessy Louis Vuitton has reached an agreement to acquire a majority stake in Platinum Invest Group, a French jewelry manufacturer, in order to “complement and enhance the existing manufacturing and production of Tiffany. & Co.”
The agreement was reached with investment firms, Andera Partners and Bpifrance, as well as other shareholders, according to a joint press release published Monday. The Platinum Invest group includes two jewelry manufacturers: Orest and Abysse.
Orest, founded in 1963, is a French jewelry manufacturer based in Strasbourg. In 2018, according to the press release, the company experienced a period of growth with the creation of the Platinum Invest Group thanks to the capital support of Andera Partners and Bpifrance. In 2022, Platinum Invest acquires Abysse.
Platinum Invest Group currently owns a network of five workshops located in the Grand Est region and controls the entire manufacturing value chain, according to the press release. It employs nearly 800 artisans and collaborators in France.
The acquisition is also in line with LVMH’s stated goal of turning the American company into a pop culture brand. It is the latest in recent years’ rebranding initiatives that have transformed the fine jeweler from an American handcraft company into an international brand.
In addition to producing jewelry for Tiffany & Co., the workshops will continue to develop products for its existing clients, as well as other jewelry houses in the LVMH group, according to the press release. He adds that the training school developed by Platinum Invest Group will benefit from its association with the LVMH Institute for Career Excellence.
This acquisition follows LVMH’s purchase in 2022 of the Pedemonte Group, which has jewelry activities in Italy and France. In addition, luxury brand Bulgari, which is owned by LVMH, announced in January that it would expand its manufacturing facility in Valenza, Italy, to double its production capacity by 2025.
The acquisition is expected to be completed by the end of summer and is subject to customary regulatory approvals. Anthony Ledru, Chairman and CEO of Tiffany & Co., said in the statement that he is confident the acquisition will accelerate the jeweler’s capabilities and increase its exceptional skill in the jewelry market.
“We are thrilled to welcome Orest and Abysse to the Tiffany & Co. family,” said Mr. Ledreux. “This acquisition is an important step for our house; it will allow us to strengthen our commitment to the highest level of quality, while increasing our production capacity to meet the growing demand of our customers. We are certain that this acquisition will enable us to continue our momentum and ambitions for excellence in the global fine jewelry market.”
Denis de Becker, President of Orest / Abysse, added: “After years of fruitful collaboration, we are very proud to join the LVMH Group and strengthen our ties with such an iconic house as Tiffany & Co. Thus we are able to contribute to growth and development. »
Translated article from the American magazine Forbes – Author: Anthony DiMarco
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