lvmh adds another piece in the sector of high-end jewelry and once again the French maison comes to Italy to buy a prestigious company.
La Louis Vuitton Moët Hennessy announced the purchase (from the Equinox III SLP SIF investment fund) of Pedemonte group, a jewelry manufacturer with offices in Italy and France.
LVMH buys the Pedemonte group and grows in Italy
“This strategic operation for the Watches & Jewelry division and its jewelery houses allow LVMH to significantly increase its own production capacity, given that the existing laboratories are already mobilizing all their resources to support the strong growth of the division” said a statement from the company. In the watch and jewelery sector, Lvmh counts among its own Bulgarian brands, TAG Heuer, Tiffany & Co, Chaumet, Zenith, Fred and Hublot.
Born in 2020 from the merger of several independent production laboratories, with decades of experience behind them, the Pedemonte group today it produces high-end jewelry a valence e Valmadonna (Alexandria) ea Paris.
Its Bulgari last October, in the same district of Valencia, inaugurated the extension of the jewelry manufacturing school, in largest jewelery manufacturing site in Europe.
“The Pedemonte Group unites tech cutting edge and craftsmanship, takes care of all the key phases of the production, demonstrating unparalleled execution excellence over the years of collaboration with the maisons of the Lvmh group” says a note from the company which employs 350 craftsmen and employees who, together with the current management, will continue their business.
The French M&A made in Italy campaign continues
“With this strategic acquisition, the Lvmh it is further strengthened in Italy, continuing to support the ecosystem of companies that contribute to the success of our fashion houses,” he said Toni Belloni, General Manager of the luxury giant.
Il colossus of the french luxury posted a turnover of 56,5 billion euros in the first nine months of 2022, an increase of 28% compared to the same period of 2021. Organic revenue growth was 20%. In the third quarter alone, organic revenue growth was 19%, beating consensus.
“This operation will allow us to strengthen our ambitions in terms of development, training and growth of our human resources, the heart of our activities. Combined with a strong investment policy to face new challenges, especially technological ones,” he said Gian Andrea Garrone, Chairman and Chief Executive Officer of the Pedemonte Group.
