The amount of the transaction was not specified, but with this acquisition, the luxury group LVMH will considerably strengthen its division dedicated to Fine Jewellery.
Bernard Arnault's empire of nearly 80 brands has just been enriched by a new company, the Pedemonte Group, present in Italy and France, via the Equinox III SLP SIF investment fund. Founded in Valenza, Italy, in 2020, the Pedemonte Group brings together several artisanal goldsmiths' workshops, with the aim of combining strengths and enhancing the respective potentials in the fields of advanced technology and artisanal manufacturing applied to luxury jewellery. The group now has over 350 employees.
“With this strategic acquisition for our Maisons, the LVMH Group further strengthens its presence in Italy while continuing to support the ecosystem of companies that contribute to the success of our Maisons. With Pedemonte, our Maisons will gain a partner recognized for its know-how to support their growth and maintain their leadership in jewelry,” said Toni Belloni, Deputy Managing Director of the LVMH Group.
Gian Andrea Garrone, Chairman and CEO of Pedemonte Group added: “Joining the LVMH Group is a source of pride and motivation for the entire management team and employees. This operation will allow us to maintain our ambitions in terms of development, training and strengthening of our human resources, the heart of our activities. We will also pursue an ambitious investment policy to meet new challenges, particularly in technology.”
The Pedemonte group has produced high-end jewellery for the biggest international brands and has its own B2C brand: Vendorafa, recognised since 1951 for the excellence of Made in Italy production.
With all LVMH workshops working at full capacity for months to meet the demands of the Watches & Jewelry division, these new production units will enable the group to support this growth in an optimal way.
In the first half of 2022, LVMH's Watches & Jewelry division was able to post organic revenue growth of 16%. Tiffany & Co, with its success in the United States with its Knot and Blue Book collections, made a significant contribution to these results, as did Bulgari, with its Serpenti and Bzero1 Classic collections, considered by LVMH to be "important growth drivers."
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