LVMH Mot Hennessy Louis Vuitton, a French luxury conglomerate, has agreed to acquire a controlling position in Platinum Invest Group, a French jewelry manufacturing company, in order to “supplement and enhance Tiffany & Co.’s existing manufacturing and production.”
According to a joint statement issued on Monday, the agreement was reached with investment firms Andera Partners, Bpifrance, and other owners.
Orest and Abysse are two jewelry producers of the Platinum Invest group.Orest is a French jewelry maker situated in Strasbourg that was founded in 1963.
According to the statement, the company underwent a period of expansion in 2018 with the formation of the holding company Platinum Invest group, which was funded by Andera Partners and Bpifrance. Platinum Invest purchased the company Abysse in 2022.
According to the statement, the Platinum Invest Group now has a network of five workshops located in the eastern French area of Grand Est and has experience across the full manufacturing value chain. In France, it employs over 800 artisans and colleagues.
The acquisition also aligns with LVMH’s declared ambition of transforming the American conglomerate into a pop culture brand. It is the most recent in a series of rebranding attempts that have transformed the luxury jeweler from a company specializing in American craftsmanship to a worldwide brand.
The workshops will continue to produce goods for its present clients, as well as for other LVMH Group jewelry houses, in addition to producing gems for Tiffany & Co., according to the statement. It goes on to say that the Platinum Invest group’s training school will profit from its affiliation with the LVMH Institut Des Métiers d’Excellence.
This transaction comes on the heels of LVMH’s acquisition of the Pedemonte Group in 2022, which includes jewelry businesses in Italy and France. Furthermore, LVMH-owned luxury company Bulgari stated in January that it would expand its manufacturing factory in Valenza, Italy, in order to increase its production capacity by 2025.