LVMH Buys Swiss Maker Of Big Bang Wristwatches
Women’s Wear Daily, Friday, April 25, 2008 10:30 AM
LVMH Moët Hennessy Louis Vuitton has acquired the fast-growing Swiss watchmaker Hublot--known for its expensive Big Bang brand--for an undisclosed sum. LVMH's watch and jewelry division already includes the Zenith, Tag Heuer, Chaumet and Fred brands.
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% last year, the highest rate in 18 years. Many Swiss watchmakers have bolstered production in efforts to slake thirst for the most expensive models.
Hublot, founded in 1980 by Carlo Crocco, has been one of the sector's most buoyant names, with revenues growing by high double digits. The company got an additional boost in 2004 when Jean-Claude Biver, a former Swatch Group executive, became CEO. Biver, an avid wine collector, is known for his direct marketing approach and boundless enthusiasm. "I'm staying on board," he says. "LVMH is going to help us build the company more."
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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% last year, the highest rate in 18 years. Many Swiss watchmakers have bolstered production in efforts to slake thirst for the most expensive models.
Hublot, founded in 1980 by Carlo Crocco, has been one of the sector's most buoyant names, with revenues growing by high double digits. The company got an additional boost in 2004 when Jean-Claude Biver, a former Swatch Group executive, became CEO. Biver, an avid wine collector, is known for his direct marketing approach and boundless enthusiasm. "I'm staying on board," he says. "LVMH is going to help us build the company more."
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