(Alliance News) - LVMH Moet Hennessey Louis Vuitton SE on Friday said it has bought Pedemonte Group, a jewellery producer present in Italy and France.
The Paris-based luxury good firm said this was a strategic operation for the Watches & Jewelry division and said its jewellery Maisons will allow the company to "significantly increase its production capacity."
"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," said LVMH Deputy Managing Director Toni Belloni.
Shares in LVMH closed down 0.3% at EUR700.20 each in Paris on Friday.
By Sophie Rose; email@example.com
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