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De Beers Takes Full Ownership of Eponymous Retail Chain
The company purchased LVMH’s 50 percent stake in De Beers Diamond Jewellers for an undisclosed sum.
De Beers Group has taken full ownership of the De Beers Diamond Jewellers retail chain, buying out LVMH’s 50 percent stake. Pictured here is the company’s New York flagship store on Madison Avenue.
London--The De Beers Group has acquired luxury conglomerate LVMH Moët Hennessy Louis Vuitton’s 50 percent share in the De Beers Diamond Jewellers retail chain, giving it full ownership of the company.
Terms of the deal were not disclosed.
De Beers Group and LVMH have shared ownership in the venture 50-50 since the retail network was formed in 2001.
The growth and performance of the chain has fluctuated since it launched, particularly in the U.S., where it currently has four locations, according to its website. Last year, the company moved its New York flagship store to a new location on Madison Avenue to complete “the repositioning of the brand in the U.S.”
At the close of 2016, De Beers Diamond Jewellers had 34 stores in 17 markets worldwide.
De Beers Group CEO Bruce Cleaver said that integrating the De Beers Diamond Jewellers brand and store network will help the company deliver an “even more differentiated diamond offering” alongside its Forevermark diamond brand.
Last month, De Beers said that Forevermark had passed 2,000 retail doors across the world, building off of a 14 percent increase in the number of doors in 2016 alone and expansion into Hungary, South Korea and Thailand.
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