LVMH buys Italian jewellery manufacturer

0
659

 

French luxury conglomerate Louis Vuitton Moët Hennessy (LVMH) has acquired Italian jewellery maker Pedemonte Group. Luxembourg-based private equity firm Equinox currently controls Pedemonte.

Based in the northern Italian city of Valenza, the jewelry manufacturer was founded in 2020 as the merger of several separate production workshops. Pedemonte employs more than 300 artisans and collaborators across five brands.

Antonio Belloni, Deputy Managing Director of LVMH, said: “By making this strategic acquisition of our brand, the LVMH Group further strengthens its presence in Italy while continuing to support the development of our Maison. An ecosystem of companies that are successfully contributing.”

“In Pedemonte, our Maisons have gained a partner recognized for their expertise to support their growth and maintain their leadership in the jewellery sector.”

LVMH, which owns brands including Bulgari, Tiffany & Co and Chaumet, said the deal would significantly increase production capacity.

LVMH’s jewellery and watch sales rose 23 percent to 7.58 billion euros ($11.74 billion) in the first nine months of 2022. The company reported sales of more than 64 billion euros ($93.4 billion) in 2021.

Loading