French luxury conglomerate Louis Vuitton Moët Hennessy (LVMH) has purchased the Pedemonte Group, an Italian jewelry manufacturer.
Pedemonte is currently under the control of Luxembourg-based private-equity firm Equinox.
Headquartered in the northern Italian city of Valenza, the jewelry manufacturer was established in 2020 as a merger of several independent production workshops. Pedemonte employs more than 300 artisans and employees across five brands.
“With this strategic acquisition for our houses [brands]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,” said LVMH deputy managing director Antonio Belloni.
“With Pedemonte, our maisons will gain a partner recognized for its know-how to support their growth and maintain their leadership in jewellery.”
LVMH, which owns brands such as Bulgari, Tiffany & Co, and Chaumet, said the deal would significantly increase production capacity.
In the first nine months of 2022, jewelery and watch sales have increased by 23 per cent to €7.58 billion ($AU11.74 billion) for LVMH. The company reported sales revenue in excess of €64 billion ($AU93.4 billion) in 2021.
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