The world’s number one luxury, LVMH, announced Thursday that it has acquired a majority stake in the Platinum Invest group, which includes the companies Orest and Abysse, “leading jewelry producers based in France,” according to a press release.
LVMH has signed the agreement with Andera Partners, Bpifrance and other shareholders, according to the press release, which did not provide details on the amount of the transaction.
This agreement will allow Tiffany jewelry, owned by LVMH, “to strengthen its production capacities in France and support its strong growth in fine jewelry,” the group specifies in its press release, confirming information from the site specialized in the world of luxury. , Women’s clothing every day (WWD).
LVMH rarely details the results of its brands, but during the group’s annual results presentation, its CEO, Bernard Arnault, had stressed that “Tiffany was going to exceed $1 billion in current operating income for the first time.” This year the brand should also open its store on 5th Avenue in New York.
The acquisition of Platinum Invest “is an important step for our house, it will allow us to strengthen our commitment to the highest level of quality, while expanding our production capacity to meet the growing demand of our customers,” says Anthony Ledru, president and CEO of Tiffany & Co, cited in the press release.
800 employees in France
Platinum Invest now has a network of five workshops located in the far east of France and employs almost 800 artisans and employees.
“In addition to Tiffany & Co, the workshops will continue to develop products for their existing clients, as well as for other jewelry houses in the LVMH group,” it is specified.
The training school developed by the Platinum Invest group will also benefit from the merger with the LVMH Institute for Excellence in Professions. Completion of this acquisition, subject to obtaining customary regulatory clearances, should take place before the end of summer 2023.
Source: BFM TV
