Alsace-based Orest, which specializes in the manufacture of fine jewelry, was acquired this summer by Lvmh. Today, it announces the creation of a third factory, in Saint-Dié les Vosges, which will eventually employ 800 people. This will meet the growing needs of its American subsidiary Tiffany.
What is the link between Tiffany, the American jewelry institution, and Orest, the Alsatian high jewelry manufacturer?
Lvmh, which acquired both, the former in 2021 and the latter this summer.
Last April, the world’s number one luxury goods group announced its intention to acquire a majority stake in the Platinum Invest group, which brings together Orest and Abysse, two leading French jewelry producers.
Haute Joaillerie, a buoyant segment
While, in the opinion of Denis de Becker, Orest’s CEO, the global jewelry market is “relatively stable” at around “400 billion euros a year”, the Haute Joaillerie market is more dynamic. According to Orest, “luxury groups are achieving 10 to 15% growth in the fine jewelry segment”.
Its development in a buoyant sector, and now its entry into the fold of the world’s leading luxury goods group, should give the Alsatian group confidence in the future.
Orest has just announced a €7.5 million investment in “a brand-new factory in Saint Dié-des-Vosges”, which should eventually employ no less than 800 people!
Another promising project for Orest: together with its colleague and neighbor in Saint-Dié, Aurigane Créations, it has announced the financing of a jewelry CAP in the town for the start of the 2023 academic year. The aim is to meet the growing need for human resources. Aurigane Créations, itself a specialist in custom-made jewelry for the luxury sector, plans to exceed the “100-employee mark” by 2023.
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Cutting-edge know-how
For its part, Orest, founded in 1963, already has two workshops, the first in Alsace at Erstein, near Strasbourg, and the second at Saint-Dié-des-Vosges, employing some 500 and 120 people respectively. Their skills range from jewelry design to machining-turning-milling and casting, as well as polishing and gem-setting. Not to mention research and development, with project managers and engineers in the design office.
Originally a designer and manufacturer of affordable jewelry, Orest has gradually built up its skills and range to become a major supplier to luxury brands. And all this while continuing to manufacture its own jewelry models (such as wedding rings, for which it is the leader in France).
LBO
In 2018, Orest (then with sales of 50 million euros) was bought out in the form of an LBO by its CEO Denis De Becker and company executives, with the support of the Andera Partners fund and Bpifrance. The holding company, Platinum Invest, was created for the occasion.
This change of hands was beneficial for the company, which has since recorded annual growth of over 25%. This gave Platinum Invest the means to reinforce its leadership in France last year by acquiring jewellery manufacturer Abysse. Founded in 1982, Abysse has made a name for itself as a player in the world of fine jewelry, thanks to its craftsmanship.
With this acquisition, the Platinum Invest group’s sales approach 140 million euros.
Made in France for Tiffany
For Lvmh, the acquisition of Platinum Invest is a response to the growing success of its jewelry division, and of Tiffany in particular.
“The teams” of the group, “will use their skills to bring to life exceptional jewelry creations from the Tiffany & Co. design studio in New York”, the group explained in a statement.
“The acquisition of Platinum Invest “is an important step for our house, it will allow us to reinforce our commitment to the highest level of quality, while expanding our production capacity to meet the growing demand of our customers,” also said Anthony Ledru, President and CEO of Tiffany & Co.
However, Orest will continue to supply luxury brands other than Lvmh.
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