Conglomerate LVMH will acquire Platinum Invest to develop its high-end jewelry business. writes about it WWD.
LVMH has announced its intention to acquire the Platinum Invest group to increase the production of jewelery company Tiffany & Co. A spokesperson for the holding declined to reveal the terms of the deal, only saying the deal will close before the end of this summer.
The Platinum Invest group employs more than 800 artisans who produce parts for brands such as Cartier and Bulgari.
Anthony Ledroux, CEO of Tiffany & Co., said: “This acquisition is an important step for our home. It will allow us to reinforce our commitment to the highest levels of quality while expanding our production capacity to meet the growing demand of our customers.”
Formerly socialbites.ca knowledgeableThe fashion house Hermès has become the second most valuable luxury brand.