French luxury giant LVMH Thursday unveiled plans to buy high-end Swiss watchmaker Hublot Group
Dow Jones – 04/24/2008
In an e-mailed statement, the world's largest luxury group said the Hublot brand, which has recently been introduced in China and India, will complement LVMH's watch brands TAG Heuer, Louis Vuitton, Dior Montres, as well as watches sold under jewelry brands Chaument, Fred and De Beers.
The group declined to provide financial details on the transaction but LVMH Financial Director Jean-Jacques Guiony said Thursday the price paid reflected more reasonable multiples than other acquisitions the group has made in the recent past.
LVMH was advised by Michel Dyens & Co. on the transaction.