The world number one in luxury LVMH announced Thursday that it had acquired a majority stake in the Platinum Invest group, which includes the companies Orest and Abysse, “main jewelry producers based in France”, according to a press release. LVMH entered into the agreement with Andera Partners, Bpifrance and other shareholders, according to the press release which did not give details of the amount of the transaction.
This agreement will allow the jeweler Tiffany, owned by LVMH, “to strengthen its production capacities in France and support its strong growth in fine jewelry”, specifies the group in its press release.
LVMH very rarely details the results of its brands, but during the annual presentation of the group’s results, its CEO Bernard Arnault emphasized that “Tiffany would for the first time exceed a billion dollars in current operating income.” This year the brand is also due to open its boutique on 5th Avenue in New York. The Orest group was founded in 1963 in Alsace in Erstein (Bas-Rhin). Creator and manufacturer of entry-level and mid-range jewelry, it is gradually developing, becoming one of the key players in jewelry production in Europe, mainly supplying luxury houses. He also makes his own jewelry (rings, necklaces, bracelets) and is the leader in wedding rings in France. Its skills extend from foundry to milling, including more artisanal tasks, such as setting or polishing.
In 2018, investors Andera Partners and Bpifrance acquired a majority stake in this SME, which at the time had a turnover of 50 million euros, and integrated it into the newly created holding company. Platinum Invest. This operation boosts the growth of Orest, which has been recording more than 25% per year since.
Platinum Invest strengthens itself in 2022 by acquiring Abysse, a jewelry manufacturer founded in 1982, “French leader on the market for the design and manufacturing of unique pieces, and repetitive fine jewelry, with the production of series pieces and collections With this acquisition, Orest’s turnover reaches nearly 140 million euros.
Today, Platinum Invest has a network of five workshops located in the great east of France and employs nearly 800 craftsmen and collaborators. “These teams will use their skills to bring to life exceptional jewelry creations from the Tiffany & Co. design studio in New York,” according to LVMH.
“In addition to Tiffany & Co., the workshops will continue to develop products for their existing clients, as well as for other jewelry houses in the LVMH group,” it is specified, while the training school developed by Orest, then by the Platinum group will benefit from the merger with the LVMH Institute of Professions of Excellence.
The acquisition of Platinum Invest “is an important step for our house, it will allow us to strengthen our commitment to the highest level of quality, while expanding our production capacity to meet the growing demand of our customers”, declares Anthony Ledru , president and CEO of Tiffany & Co., cited in the press release.
The finalization of this acquisition, subject to obtaining the usual regulatory authorizations, should take place before the end of summer 2023. The operation comes as the watches & jewelry division of LVMH recently sold the Vendorafa Lombardi jewelry brand to Italian jeweler Gismondi 1754.
Dominique Muret (with AFP)