The luxury goods conglomerate has purchased a majority stake in Platinum Invest Group, a France-based jewellery manufacturing group that owns five workshops including Orest and Abysse.
The move is designed to bolster Tiffany & Co.’s fine and high jewellery manufacturing capacity and capabilities, Tiffany chief executive and president Anthony Ledru said in a statement. Platinum Invest Group will continue to produce goods for other clients, the company said.
The move as LVMH’s successful rebrand of the storied New York jewellery house helps fuel growth within the group’s watches and jewellery business: the division grew 11 percent year-on-year in the first quarter, with Tiffany having an “excellent start” to 2023.
The transaction is set to complete by the end of the summer, the company said. The financial terms of the deal were not disclosed.
Learn more:
This week, a Tiffany campaign featuring Beyoncé, Jay-Z, a Basquiat painting and a 128.54-carat diamond offered a window into how LVMH is bringing its playbook to its largest-ever acquisition and the advantages and challenges of marketing brands rooted in the 19th century in today’s world.
