LVMH snaps up Swiss watchmaker Hublot

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LVMH snaps up Swiss watchmaker Hublot

April 24, 2008

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Paris—LVMH Moet Hennessy Louis Vuitton has signed an agreement to acquire Hublot, a fast-growing watch brand with a selective distribution network limited to 300 stores worldwide, the luxury group announced on Thursday.

No price tag was given, but LVMH says it will acquire Hublot from Carlo Crocco, who founded the group in 1980.

"Hublot is a strategic and very complementary acquisition. Its high-end positioning, selective distribution, financial performance and growth potential make Hublot a rising star," said Philippe Pascal, chief executive officer of LVMH's Watches and Jewelry business group, in a media release. "Hublot will strengthen our watches and jewelry business group which, over the last three years, has been growing strongly."

The watch brand's management team, headed by Jean-Claude Biver, who has been at the helm of Hublot since 2004 and is credited for the success of the brand's popular Big Bang collection, will continue to run the brand's operations under LVMH, he added.

Hublot will complement LVMH's existing watch lineup, which includes TAG Heuer, a leader in sport watches and chronographs, the Swiss watch manufacturer Zenith, Dior Montres, Louis Vuitton watches (sold exclusively in Louis Vuitton stores), and the watch collections of jewelers Chaumet, Fred and De Beers.

Hublot, which has its headquarters and workshops near Geneva, has started building a factory at Nyon, Switzerland, to accommodate its expansion plans. Having grown at a rapid pace since 2004, the brand's net revenue exceeded 150 million Swiss francs (about $145.4 million) in 2007, generating "excellent profitability," and the brand is poised for a significant increase in revenue for 2008, the release said.

Currently distributed in France, Germany, Hong Kong, Japan, Latin America, Russia, Singapore, Spain, Switzerland, the Middle East and the United States, the brand has recently been launched in China and India. It is expected to have strong growth potential in Asia, Japan, North America and in certain European markets, the release said.

Hublot's renowned Big Bang collection, with price points ranging from $12,500 to $470,000, includes models equipped with automatic movements, integrating precious metals and technical complexity.

A new Big Bang collection for women was launched at BaselWorld with great success. Hublot's traditional classic line has also been recently redesigned using natural rubber, zircon, gold and ceramics.

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