French luxury fashion group LVMH Moët Hennessy Louis Vuitton has entered into an agreement to acquire a majority stake in Platinum Invest Group from Andera Partners and Bpifrance.
The move comes in line with LVMH’s efforts to strengthen the production capacity for its US jeweller Tiffany in France.
As part of the deal, Platinum Invest will continue to produce jewellery for existing clients outside of LVMH as well as other labels in the luxury group, including Bulgari and Chaumet, reported Reuters.
The companies did not disclose the financial details of the acquisition.
“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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
“We are certain that this acquisition will enable us to pursue our momentum and our ambitions for excellence in the global fine and high jewellery market.”
With five workshops in Eastern Europe and 800 employees, Platinum Invest Group owns two French jewellery manufacturers, namely Orest and Abysse.
Orest and Abysse president Denis De Becker said: “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. and, thus, be able to contribute to its growth and development.”
LVMH acquired the American luxury jewellery and speciality retailer Tiffany at a value of $16bn in 2021.
LVMH has also reported revenues of €21bn ($23bn) in the first quarter of fiscal year 2023.