LVMH has bought Italian jewelry manufacturer Pedemonte Group in the latest move by a major luxury conglomerate to beef up its production capabilities.
“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,” said LVMH deputy managing director Toni Belloni in a statement Friday. “With Pedemonte, our maisons will gain a partner recognized for its know-how to support their growth and maintain their leadership in jewelry.”
Pedemonte is currently under the control of Luxembourg-based private-equity firm Equinox, which owns a 66% stake in the business through its Equinox III fund, according to the investment group’s website. Headquartered in the northern Italian city of Valenza, it came into being in 2020 upon the merger of several independent production workshops. The parties did not give any financial details of the latest transaction.
Pedemonte operates in Valenza and the nearby town of Valmadonna, as well as in Paris. The company employs 350 artisans and employees across five business-to-business (B2B) brands and the Vendorafa consumer label.
Paris-based LVMH, which owns Bulgari, Tiffany & Co., and Chaumet, said the deal would significantly increase the group’s production capacity. It comes less than a month after Kering-owned jewelry retailer Pomellato announced the takeover of a minority interest in goldsmith company Costanzo & Rizzetto, also located in Valenza.
Image: A Bulgari store. (Shutterstock)