LVMH has reached an agreement to acquire the jewelry company Pedemonte Group.
LVMH has reached an agreement to acquire the jewelry company Pedemonte Group. After the transaction's closing, Pedemonte will join a long list of jewelry brands in the LVMH portfolio, including Tiffany & Co, Chaumet, Zenith, Hublot, TAG Heuer, and Bulgari.
The Pedemonte Group was formed in 2020 by merging the assets of Italy's Villa Pedemonte Atelier, Vendorafa Lombardi, and other independent jewelry manufacturers. The group runs three factories in Italy and France and employs more than 350 people. LVMH expects that the takeover of Pedemonte will significantly increase production capacity in the jewelry segment.
"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.
In turn, the Pedemonte Group said that the deal with LVMH will allow the company to maintain its "ambition of developing, training and strengthening our human resources, which are the group's heart.