LVMH Acquisition to Boost Tiffany Production
April 17, 23
(IDEX Online) - LVMH is to buy a majority stake in Platinum Invest Group, owner of the French jewelry manufacturers Orest and Abysse.
Financial details of the deal, due to be completed in the summer, were not disclosed.
The Paris-based luxury goods group says the move will "supplement and enhance Tiffany & Co.'s existing manufacturing and production."
LVMH bought Tiffany for $15.8bn in January 2021 after protracted negotiations and a series of legal threats.
Orest and Abysse have five workshops between them in the Grand Est region, employing almost 800 people.
"This acquisition is an important step for our house; it will allow us to reinforce our commitment to the highest level of quality, while expanding our production capacity to meet the growing demand of our clients," said Anthony Ledru, Tiffany's president and CEO.
LVMH, which owns 75 luxury brands, saw first quarter revenue up 17 per cent year-on-year to $23.13 billion.
Jewelry and watch sales were up 11 per cent to $2.85 billion in Q1.