French luxury conglomerate LVMH, which bought Tiffany for $15.8 billion in January 2021, is set to buy a majority stake in Platinum Invest Group, “owner of the French jewelry manufacturers Orest and Abysse,” according to IDEX Online.
While financial details of the deal, “due to be completed in the summer,” have not been disclosed, LVMH has said that the move will “supplement and enhance Tiffany & Co.’s existing manufacturing and production.” Orest and Abysse “have five workshops between them” and employ almost 800 people.
Anthony Ledru, Tiffany’s president and CEO, commented: “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.”
LVMH, LVMH Moët Hennessy Louis Vuitton,owner of global luxury jewelry brands including Louis Vuitton, Christian Dior, Sephora, Fendi and Tiffany & Co., reported a hike of 17% in revenue year-on-year to $23.13 billion. Jewelry and watch sales went up 11% to $2.85 billion in Q1.
