LVMH has agreed to buy a majority stake in the owner of two French jewelry producers in a bid to strengthen Tiffany & Co.’s manufacturing capabilities.
The luxury group will take control of Platinum Invest, the holding company of both Orest and Abysse, it said Thursday. The deal should be final before the end of the summer of 2023 and is subject to regulatory approval, the company added.
Founded in 1963, Orest makes jewelry at two factories in eastern France. In 2018, private-equity firm Andera Partners and investment bank Bpifrance injected funds into the company, leading to the creation of parent company Platinum Invest. In 2022, that entity acquired Abysse.
In all, Platinum Invest has a network of five workshops across the Grand Est region of eastern France, employing 800 people in the country. These teams will “give life to exceptional jewelry designs from the Tiffany & Co. design studio in New York City,” said LVMH, which acquired Tiffany in 2021.
“This acquisition is an important step for [Tiffany],” said Anthony Ledru, CEO of the New York-based jewelry brand. “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.”
BRON: Rapaport 13-4-2023