LVMH has acquired Pedemonte Group, a jewelry manufacturer with divisions in Italy and France.
No terms were disclosed.
Pedemonte Group was created in 2020 by the Equinox III SLP investment fund, when it combined two jewelers, Villa Pedemonte Atelier and Vendorafa Lombardi.
The acquisition will allow LVMH to “significantly increase its production capacity,” a statement said, adding that “existing workshops are mobilizing all their resources to support the strong growth of [LVMH’s jewelry and watch] division.”
The company currently employs 350 artisans and employees.
In the statement, Gian Andrea Garrone, chairman and CEO of Pedemonte Group, said joining LVMH “will allow us to maintain our ambitions in terms of development, training and strengthening of our human resources, the heart of our activities. We will also pursue an ambitious investment policy to meet new challenges, particularly in technology.”
The acquisition will give LVMH “a partner recognized for its know-how to support their growth and maintain their leadership in jewelry,” said Antonio Belloni, managing director of the LVMH group, in a statement.
LVMH has made its jewelry and watch division a priority, particularly after it purchased Tiffany & Co. in 2021.
Top: Worker at a Pedemonte factory (photo courtesy of LVMH)
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