The luxury group LVMH acquires a majority stake in the Platinum Invest Group. It also gives him a stake in jewelry makers Orest and Abysse, both based in France, according to a statement on Friday.
LVMH has agreed to the acquisition with Andera Partners, Bpifrance and other shareholders. The purchase price is not known.
Platinum Invest has a network of five workshops in the French region of Grand Est and production expertise throughout the value chain. More than 800 craftsmen are employed by the company.
With this step, LVMH wants to strengthen the production capacities of its Tiffany & Co brand in France. At the same time, it will strengthen LVMH’s overall growth in jewelry manufacturing.
LVMH emphasizes in the announcement that the ateliers and manufacturing facilities will continue to develop products for their current client companies and other LVMH jewelry brands.
This translated post previously appeared on FashionUnited.nl.