LVMH Acquires Swiss Watchmaker Hublot
April 24, 08
 Hublot is a "strategic acquisition" |
LVMH has announced that it will acquire the Hublot group, a high-end watchmaker presently enjoying very strong growth. Hublot will be bought from Carlo Crocco, who founded the group in 1980, and a company controlled by Jean-Claude Biver, who has managed Hublot since 2004.
According to the luxury group, Hublot's brand is highly complementary to LVMH’s existing watch portfolio, which comprises
Hublot has begun building a factory to accommodate its expansion plans. Having grown at a rapid pace since 2004, the brand achieved net revenue of more than CHF150 million ($147 million) in 2007, reportedly with excellent profitability. A very significant increase in revenue is expected in 2008.
Hublot has a very selective distribution network which is limited to 300 stores worldwide.
According to Philippe Pascal, CEO of LVMH’s watches and jewelry business group, Hublot is a strategic acquisition. "Hublot will strengthen our Watches & Jewelry business group which, over the last three years, has been growing strongly,” he said.