Tiffany boosts manufacturing capacity with Platinum Invest Group deal
The finalisation of the acquisition is expected to take place before the end of the summer of 2023 and is subject to obtaining the standard regulatory authorisations
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LVMH has entered into an agreement with Andera Partners, Bpifrance and other shareholders, acquiring a majority stake in Platinum Invest Group.
The acquisition gives LVMH control of France-based jewellery companies Orest and Abysse, enabling Tiffany and Co. to strengthen its production capacities and support its “strong growth” in fine and high jewellery manufacturing.
Tiffany and Co. claimed that Platinum Invest Group’s “strong network and capabilities will supplement and enhance Tiffany and Co.’s existing manufacturing and production”.
In addition to Tiffany and Co., Platinum Invest Group will continue to develop products for its existing clients as well as for other LVMH Group jewellery houses.
The finalisation of the acquisition is expected to take place before the end of the summer of 2023 and is subject to obtaining the standard regulatory authorisations.
Tiffany and Co. said that it is confident that this acquisition “will accelerate the jeweller’s capabilities and propel its exceptional craftsmanship in the jewellery market forward”.
Anthony Ledru, president and chief executive officer of Tiffany and Co., said: “We are delighted to be able to welcome Orest and Abysse into the Tiffany and Co. family.
“This acquisition is an important step for our house; it will allow us to reinforce our commitment to the highest level of quality while expanding our production capacity to meet the growing demand of our clients. We are certain that this acquisition will enable us to pursue our momentum and our ambitions for excellence in the global fine and high jewellery market.”
Denis De Becker, president of Orest/Abysse, added: “After years of fruitful collaboration, we are very proud to join the LVMH Group and strengthen our ties with such an iconic house as Tiffany and Co. and, thus, be able to contribute to its growth and development. We will be keen to put our skills and technologies at the service of its products to design unique and durable jewellery.”
