Yahoo Finance LVMH snaps up luxury Swiss clock maker L'Epee 1839
PARIS (Reuters) - LVMH, the world's largest luxury group, has acquired Switzerland-based speciality clock maker L'Epee 1839, boosting its expertise in high-end watch making, the company said on Tuesday.
WHY IT IS IMPORTANT
The acquisition comes as luxury groups seek to cater to shoppers at the very high end of the market as the rising cost of living dampens demand for luxury goods.
LVMH's watches division is headed by Frederic Arnault, one of the five children of LVMH chairman and CEO Bernard Arnault, who was promoted to the position in January.
KEY QUOTE
"L'Epée 1839 is a brand of mechanical objets d'art with an unrivalled and unique expertise ... with the capacity to develop and design objects, and in particular the unique ability to interpret horological intricacies in three dimensions," said Frederic Arnault.
CONTEXT
Along with smaller rivals, LVMH has seen a slowdown of sales in recent quarters as less wealthy luxury shoppers tighten their purse strings amid rising prices.
Financial terms of the acquisition were not provided.
LVMH last week announced the purchase of French bistro Chez l'Ami Louis, increasing its focus on so-called experiential luxury.
(Reporting by Mimosa Spencer; Editing by Mark Potter)
