LVMH purchases Swiss luxury watchmaker Löbi 1839
Date
6/27/2024 5:58:53 AM
(MENAFN) French luxury conglomerate LVMH has made a strategic Acquisition by purchasing Swiss luxury watch company Löbi 1839. The acquisition, as announced in a statement released two days ago, marks a significant addition to LVMH's prestigious watchmaking portfolio, although specific financial details of the transaction were not disclosed.
According to a news agency, the acquisition of Löbi 1839 is expected to enrich LVMH's watchmaking division, which is overseen by Frederic Arnault, the son of Bernard Arnault, Chairman and CEO of LVMH Group. LVMH's watch sector already boasts renowned brands such as Tag Heuer, Hublot, and Zenith.
Löbi 1839 stands out in Switzerland's watchmaking industry as one of the few remaining luxury watchmakers. While mechanical watches faced challenges amid the COVID-19 pandemic, high-end watchmakers continue to attract affluent clientele seeking distinctive timepieces.
In recent years, Löbi has gained attention through collaborations with esteemed watchmakers, including Maximilian Büsser, the founder and creative director of MB&F based in Geneva. These partnerships have resulted in the creation of luxury watches priced at over USD30,000 each, showcasing Löbi's commitment to craftsmanship and innovation in haute horology.
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