The LVMH Group has just announced its acquisition of the Pedemonte Group, a jewellery manufacturer based in Italy and Paris.
Founded in 2020, Pedemonte Group was the merger of several independent production workshops specialising in traditional craftsmanship. It currently has 350 artisans and employees.
LVMH bought Pedemonte Group from the Equinox III SLP SIF investment fund for an undisclosed sum.
This decision allows LVMH to boost its jewellery production capacity significantly. Deputy Managing Director of LVMH, Toni Belloni, stated that the strategic acquisition further strengthens LVMH's presence in Italy while supporting the ecosystem of companies that contribute to the success of its maisons.
Chairman and CEO of Pedemonte Group, Gian Andrea Garrone, stated that joining the LVMH group has brought pride and motivation to the management team and employees.
"This operation will allow us to maintain our ambitions in terms of development, training and strengthening of our human resources. We will also pursue an ambitious investment policy to meet new challenges, particularly in technology."
The global luxury jewellery market is expected to reach a value of 28 billion by the end of 2022, which marks a 23 to 25 per cent increase in growth from 2021.
Pedemonte joins LVMH's existing portfolio of jewellery and watch companies such as Tiffany & Co, Bulgari, Zenith and Chaumet.
