News Moët Hennessy Louis Vuitton has signed an agreement to acquire the Hublot group from Carlo Crocco, who founded it in 1980, and a company controlled by Jean-Claude Biver, who has managed Hublot since 2004.
Hublot is a brand that is highly complementary to LVMH’s existing watch portfolio comprising TAG Heuer, Zenith, Dior Montres, Louis Vuitton watches sold exclusively in Louis Vuitton stores, and the watch collections of jewellers Chaumet, Fred and De Beers.
Carlo Crocco, founder of Hublot, said: "I am happy that Hublot, an innovative brand since its creation, is joining the LVMH group, the world leader in luxury goods, whose creative passion is a value that I have always shared."
Jean-Claude Biver, the architect of the success of the Big Bang collection and the recent strong growth of Hublot, commented: "I am delighted that Hublot will be able to benefit from LVMH’s support and strategic leadership in the luxury goods industry and so maximise its growth potential in the years to come. I am happy to be pursuing this adventure and to be able to contribute to the development of LVMH’s watchmaking division alongside Philippe Pascal."
Philippe Pascal, Chief Executive Officer of LVMH’s Watches & Jewelry business group, added: "Hublot is a strategic and very complementary acquisition. Its high-end positioning, selective distribution, financial performance and growth potential make Hublot a "rising star". Hublot will strengthen our Watches & Jewelry business group which, over the last three years, has been growing strongly. We are very happy that Jean-Claude Biver will, along with the management team of Hublot, continue on this remarkable journey and contribute his considerable expertise to our development in this promising sector."
April 30, 2008
