Editor’s Note
LVMH has acquired a majority stake in Platinum Invest, including French manufacturers Orest and Abysse, to boost Tiffany & Co.’s production capacity in France and strengthen its financial performance.
14 Apr 2023 11:59
Katharina Brändle
LVMH, the leading luxury conglomerate, has announced the acquisition of a majority stake in Platinum Invest, which includes French jewelry manufacturers Orest and Abysse. This move primarily benefits its in-house jeweler Tiffany & Co, enabling it to expand production capacity in France and further enhance its already strong annual results.
According to an official statement, LVMH finalized the deal with Andera Partners, Bpifrance, and other shareholders, although financial details were not disclosed and the agreement is not expected to close before summer 2023. What was revealed, however, were the financial results of the Tiffany & Co brand, which “will exceed one billion US dollars in recurring operating income for the first time.” Additionally, a high-profile reopening of the Tiffany flagship boutique on Fifth Avenue in New York is planned for the end of the month.
Platinum Invest currently operates a network of five strategically located workshops in the Est region of France and employs nearly 800 artisans and staff. According to LVMH, these expert teams will apply their knowledge across the entire value chain to bring exceptional jewelry creations from Tiffany & Co’s design studio in New York to life.
Platinum Invest includes the Orest Group (a leader in wedding rings in France, also producing its own jewelry such as rings, necklaces, and bracelets, primarily supplying luxury houses), which was integrated in 2018 and has since achieved annual growth of 25 percent.
In 2022, Abysse was acquired, an ultra-high-end jewelry manufacturer and French market leader in the design of series pieces and permanent collections. This acquisition boosted revenue to nearly 140 million euros.
The acquisition also aligns with LVMH’s stated goal of transforming the American company Tiffany into a pop culture brand. It is the latest in several rebranding efforts in recent years that have turned the luxury jeweler from a company specializing in American craftsmanship into an international brand.
In addition to the new Tiffany projects, the workshops will continue to develop products for their existing customer base as well as for other LVMH houses within the group.
The acquisition is also good news for the training school of the Platinum Investment Group, which benefits from a connection with the LVMH Institute “Des Métiers d’Excellence”: traditional techniques can be passed on, ensuring the continued existence of such relevant skilled workers in France.
