LVMH buys Swiss watchmaker Hublot
Women's Wear Daily – 04/25/2008
By Robert Murphy
The French luxury giant on Thursday said it had purchased 100 percent of fast-growing Swiss watchmaker Hublot — known for its expensive Big Bang wristwatches — for an undisclosed sum.
Michel Dyens & Co. advised LVMH in the transaction. The acquisition comes at a time of extraordinary growth for the high-end Swiss watch market, spurred by demand in emerging markets from China to Russia. Exports of Swiss watches grew 16 percent last year, the highest rate in 18 years.
Though the deal suggested that LVMH may be ready to blaze back onto the acquisition trail, Antonio Belloni, LVMH group managing director, said the firm's first priority was organic growth of its brands, which range from Givenchy to Celine.