Diamond group De Beers buys out retail partner LVMH
De Beers has bought the 50% stake held by French luxury goods group LVMH in De Beers Diamond Jewellers.
PARIS/LONDON - Anglo American's diamond specialist De Beers has bought the 50% stake held by French luxury goods group LVMH in De Beers Diamond Jewellers for an undisclosed amount, taking full ownership of the retail operation.
"More fully integrating the De Beers Diamond Jewellers brand and store network will enable us to deliver an even more differentiated diamond offering, alongside our fast-growing diamond brand Forevermark," De Beers Group chief executive Bruce Cleaver said in a statement.
De Beers Diamond Jewellers' retail network comprises 32 stores in 17 countries. This includes a growing business in greater China, an established presence in London and Paris, and a new flagship location in New York, the company added.
LVMH had no comment to make on the transaction.