“With this strategic acquisition for our maisons, the LVMH Group further strengthens its presence in Italy while continuing to support the ecosystem of companies that contribute to the success of our maisons. With Pedemonte, our maisons will gain a partner recognized for its know-how to support their growth and maintain their leadership in jewelry,” LVMH deputy managing director Toni Belloni said in a statement.
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LVMH acquired the relatively young fine jewelry group from the Equinox III SLP SIF investment fund. Financial terms were not disclosed.
Pedemonte Group was formed in 2020 under Equinox, bringing together large-scale production specialist Villa Pedemonte Atelier and Vendorafa Lombardi, which specializes in goldsmithing, to create the new group in the fine jewelry sector. Villa Pedemonte Atelier has a long history of collaborating with international luxury brands, and has previously worked with LVMH’s various houses.
At the time of creation, the two groups reported a combined revenue of 41 million euros.
“We are extremely proud of the group’s history and growth. The deployment of a high-performance manufacturing platform has garnered the interest of an international player as relevant and important as LVMH,” said Equinox partner Angelo Facchinetti.
Pedemonte employs 350 people across its three sites in Valenza and Valmadonna in northern Italy and Paris in France. The acquisition is set to strengthen LVMH’s fine jewelry production capacity as the watches and jewelry division continues to grow in an expanding market.
“We are very pleased to welcome the teams from the Pedemonte Group and its subsidiaries with whom we have been working for many years. Today our stories and our values come together around this spirit of excellence and enterprise, the perpetuation of craftsmanship and the development of creativity,” said Stéphane Bianchi, chief executive officer of the LVMH watches and jewelry division.
Bulgari, Chaumet, Fred and Tiffany & Co. are among LVMH’s fine jewelry maisons, while Dior and Louis Vuitton each have their own high jewelry lines. Cate Blanchett is the face of Louis Vuitton’s high jewelry line, which unveiled its largest collection yet with a new campaign in June.
LVMH reported its sales of watches and jewelry were up 16 percent in the third quarter as sales picked up in Asia. The company continued its post-pandemic rapid growth, as overall revenues jumped 19 percent in the same period.