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LVMH, the parent company of Louis Vuitton, Dior, and Tiffany & Co., is buying Platinum Invest jewelry maker, and this was announced late last week. It will acquire a majority stake in the French company, which also owns Abysse and Orest jewelry manufacturers.
The financial terms of the deal were not revealed, but LVMH is closing the deal to acquire Platinum Invest from Andera Partners, Bpifrance, and other shareholders. It was said that the company is making this move to boost the production of its own Tiffany & Co. jewelry brand.
As per Reuters, with the addition of Platinum Invest in LVMH’s assets, Tiffany & Co. will be able to scale up the production of fine and high-end jewelry pieces. Platinum Invest is a great buy as it also operates five workshops in the eastern part of France and currently has 800 employees.
While Louis Vuitton’s parent company is buying Platinum Invest, the latter may still continue to make pieces of jewelry for its existing clients and other brands that LVMH owns, such as Bulgari and Chaumet. At any rate, LVMH acquired Tiffany & Co. in 2021 for $16 billion. The plan is to boost its sales by expanding its store network and adding new products where Platinum Invest will be of big help.
"These expert teams will leverage their skills to bring to life exceptional jewelry creations from the Tiffany & Co. design studio in New York," Fashion Network quoted LVMH as saying in a statement regarding the acquisition of Platinum Invest.
It further stated, "In addition to creating exceptional jewelry for Tiffany & Co, the workshops will continue to develop products for their existing customers, as well as for other jewelry houses within the LVMH group.”
Anthony Ledru, Tiffany & Co’s president and chief executive officer, added, “The acquisition of Platinum Invest represents a significant milestone for our company and will allow us to strengthen our commitment to the highest level of quality while expanding our production capacity to meet the growing demands of our customers."
Meanwhile, LVMH’s deal to acquire Platinum Invest is still subject to customary regulatory approvals but is expected to close by the end of summer this year.
