French luxury goods group LVMH on Wednesday said it was buying a 5% to 10% stake in Britain’s Asprey & Garrard, Reuters reports.
The company made the announcement a day after Asprey & Garrard announced that LVMH Moët Hennessy Louis Vuitton was forming an alliance with the British company and would invest in it, although it did not reveal the size of the investment.
Gianluca Brozzetti, president and chief executive officer of Louis Vuitton Malletier will leave LVMH Group to become Asprey & Garrard Group CEO responsible for the company’s global operations. He will be in place at his new job by June 1.
Before his two-year stint at Louis Vuitton, Brozzetti was with the Bvlgari Group for 13 years, where he served as executive director of the watch and jewelry division and became executive vice president of the fragrance division in 1993. Previously, Brozzetti held positions at Procter & Gamble, McKinsey & Company, and the Gucci Group.
Speaking at the opening of a new Louis Vuitton store in Milan, Reuters reported that Brozzetti was reluctant to discuss his plans for the British jeweler, except to say he will try to apply the expansion strategy that transformed Bulgari from a small Rome-based family held company into a publicly quoted and internationally known brand.
Brozzetti also told Reuters that there were no immediate plans to list Asprey & Garrard.
The London-based company was bought in July 2000 by Lawrence Stroll and Silas Choua, co-chairmen and shareholders of U.S. fashion giant Tommy Hilfiger.
Stroll and Choua decided to split the brand, revamping Asprey for the young and fashion-conscious with designs by Jade Jagger, and pushing Garrard, the former crown jeweler, into a separate area at its flagship store on New Bond Street in London.