LVMH Announces Acquisition of Platinum Invest Jewelery Group
April 14, 2023
On Thursday, LVMH, one of the world’s leading luxury goods groups, announced it had acquired a majority stake in Platinum Invest, which includes “prominent French-based jewelery makers” Orest and Abysse. According to an official statement, LVMH has ended the deal with his Andera Partners, Bpifrance and other shareholders, but the documents did not disclose the financial details of the deal.
The deal will enable LVMH-owned jeweler Tiffany & Co. to “strengthen its production capacity in France and support the strong growth of fine jewelry.”
LVMH rarely discloses financial results for its brands, but during the group’s annual earnings call, CEO Bernard Arnault emphasized that “Tiffany will now exceed $1 billion in operating profit for the first time.” bottom. In addition, he will open a boutique on his Fifth Avenue in New York this year.
The Orest Group was founded in 1963 in Erstein, Lower Rhine, Alsace, France, as a designer and manufacturer of mid- and entry-level jewellery. Over the years, it has become one of the leading players in European jewelery production, primarily supplying luxury homes. It also manufactures jewelry and is the leader in French wedding rings. Its expertise extends from casting to milling, as well as more traditional tasks such as setting and polishing gemstones.
In 2018, investors Andera Partners and Bpifrance acquired a majority stake in then-€50 million SME and merged it into a newly formed holding company, Platinum Invest. This business has fueled Orest’s growth and has grown by more than 25% annually since then.
In 2022, Platinum Invest strengthened its position by acquiring Abysse, a fine jewelry manufacturer founded in 1982 and “a French leader in the design and manufacture of fine jewelry”. Renowned for its artisan know-how, Abysse operates in both the ultra-premium jewelry segment, where he designs and manufactures unique pieces, and his high-end jewelry segment, where he manufactures series pieces and permanent collections. This acquisition brings Orest’s sales to approximately €140 million.
Platinum Invest currently boasts a network of five strategically located workshops in the eastern regions of France, employing around 800 artisans and personnel. According to LVMH, “These teams of experts will apply their skills to bring to life exceptional jewelery creations from her Tiffany & Co. design studio in New York.”
“In addition to creating exceptional jewelery for Tiffany & Co., the workshop will continue to develop products for existing customers and other jewelery houses within the LVMH group,” the group said. The training school developed by Orest and later by the Platinum Invest group will also benefit from the partnership with the LVMH Institute of Excellence in Crafts, he said.
Anthony Ledru, president and CEO, said the acquisition of Platinum Invest “is an important milestone for the company, reinforcing our commitment to the highest levels of quality while expanding our production capacity to meet the growing demand of our customers. ,” he said. of Tiffany & Coe, as quoted in a statement.
The acquisition is subject to customary regulatory approvals and is expected to close by the end of summer 2023. The deal follows the recent sale of the Vendorafa Lombardi jewelery brand by LVMH’s watch and jewelery division to Italian jeweler Gismondi 1754.
Dominique Muret (with AFP)
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