While it has just announced that it has exceeded 21 billion euros in turnover in the first quarter, the luxury giant LVMH is continuing its investment path in the jewellery sector with the acquisition of the French group Platinum Invest.
Revealed by WWD, the takeover of the Platinum Invest group by LVMH should be concluded before the end of this summer and will particularly strengthen the production capacities of Tiffany & Co., a brand that joined the LVMH portfolio in 2021.
Platinum Invest manufactures for luxury jewellers around the world, such as Cartier and Bulgari, noted WWD. According to the media outlet, the group's customers will not be affected by the acquisition.
Located in the Grand Est region, the Platinum Invest group includes the companies Orest and Abysse. It has, among other things, five workshops in France, a training school, two sites in the Vosges and New Aquitaine and represents a total workforce of 800 people.
Andera Partners and Bpifrance sell Platinum Invest to LVMH
The operation was carried out with Andera Partners and Bpifrance, which sold the Platinum Invest group to LVMH. The companies had owned the firm since October 2018. According to a press release, the initial acquisition was based on "the opportunity to form a group present in all segments of the jewellery market, offering a 'one-stop-shop' offer at both industrial and artisanal levels, capable of meeting all the needs of major luxury houses to support them in their development in this very strong growth market".
In just over four years, Platinum Invest has "greatly exceeded" the objectives set in the development plan initially defined. The group is no longer just specialised in accessible jewellery, its activity has extended to the segment of high and very high jewelry. As Denis De Becker, president of Platinum Invest, explained, the acquisition of the group by Andera Partners and Bpifrance was a "real accelerator" of development. From now on, the flagship player in jewellery is backing up with a luxury giant to “sustain and continue its growth”.
Platinum Invest and Tiffany
In its April 12 financial report, LVMH indicated that Tiffany & Co. had made “an excellent start to the year”. Meanwhile, according to AFP, during the annual presentation of the group's results, its CEO Bernard Arnault had stressed that "Tiffany was going to exceed one billion dollars in current operating income for the first time". The brand is also preparing for the upcoming reopening of the Landmark in New York.
Anthony Ledru, Chairman and CEO of Tiffany & Co, said: “We are delighted to be able to welcome Orest and Abysse to the Tiffany & Co family. 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 customers. We are convinced that this acquisition will enable us to pursue our momentum and our ambitions for excellence in the global jewellery and fine jewellery market."
This article originally appeared on FashionUnited.FR. Translation and edit by: Rachel Douglass.