LVMH Acquires French Manufacturer Platinum Invest to Boost Tiffany Production

The world’s largest luxury goods group LVMH (LVMH.PA) has agreed to take a controlling stake in Platinum Invest Group, owner of French jewellery makers Orest and Abysse, adding to its portfolio.

By acquiring the company, which operates five workshops in eastern France and employs 800 people, Tiffany will accelerate the production of fine and high-quality jewellery, the two companies said in a statement.
Platinum Invest will continue to produce jewellery for existing clients other than LVMH, as well as for the luxury group’s other brands, which also include high-end jewellery brands Bulgari and Chaumet.

European luxury conglomerates have tightened their grip on supply chains, riding a wave of post-pandemic demand for high-end goods.

Bulgari is also expanding production, announcing in October plans to expand its Valenza factory in northern Italy to employ 750 people and double output by 2028.
LVMH is preparing for the reopening of the star-studded Tiffany New York flagship store, which is expected before the end of this month.

LVMH, which acquired Tiffany for $16 billion in 2021, plans to increase sales later through new products and an expanded store network to boost profit margins.

Financial terms of the deal to acquire Platinum Invest from private equity firm Andera Partners and French public investment bank BPIFrance were not disclosed.