De Beers LV says the U.S. is key to building a global consumer brand

De Beers LV, the retail joint venture of top diamond producer De Beers and French luxury goods group LVMH, plans to build 20 stores in the U.S. as part of a strategy to build the joint venture into a global consumer brand within five years, Reuters reports.

Chief executive Guy Leymarie said Wednesday that the opening of De Beers LV’s first United States store on Manhattan’s Fifth Avenue this month is a crucial step in molding the venture into a major force in diamond retailing.

“You are talking about five years to establish a brand,” Leymarie reportedly said. “We aim at being a global brand and our biggest advantage is that De Beers already has an exceptional level of name recognition.”

He said De Beers LV recognized the U.S. was highly competitive, but it would distinguish itself from established rivals, such as Tiffany, by providing an exceptional “retail experience,” Reuters reports.

He also reportedly said that during the second half of this year De Beers LV would spend up to $4 million on marketing in the U.S.