LVMH secures know-how for its jewelry business with the acquisition of the manufacturer Pedemonte from the investor Equinox.
The takeover of the supplier allows the French luxury group to “significantly” expand its production capacities in the jewelry and watch sector, according to a statement on Friday. The purchase price was not disclosed.
The Pedemonte Group currently employs 350 artisans and employees. It was created in 2020 from the merger of several independent production sites. With locations in the northern Italian cities of Valenza and Valmadonna as well as in Paris, the group combines cutting-edge technology with craftsmanship.
Strategic Acquisition
“With this strategic acquisition for our properties, the LVMH Group continues to strengthen its presence in Italy while supporting the ecosystem of companies that contribute to the success of our properties,” said Toni Belloni, Deputy General Manager of the LVMH Group, in the press release. “In Pedemonte, our houses gain a partner known for their expertise to support their growth and maintain their leadership in jewelry.”
With the acquisition of Pedemonte, LVMH Moët Hennessy – Louis Vuitton SE follows the trend in the luxury industry to gain more control in the supply chain. Most recently, Prada and Chanel, for example, also secured more access with holdings in supplier companies.
LVHM has eight maisons and brands in the jewelery and watch sector: Chaumet, Tiffany & Co., Tag Heuer, Zenith, Bulgari, Fred, Repossi and Hublot. Together, they will generate annual sales of 8.9 billion euros in 2021, more than a tenth of the luxury group’s total revenues