French luxury goods giant LVMH Moet Hennessy Louis Vuitton SA (EPA:MC) said it had bought premium leather products manufacturer Les Tanneries Roux SAS without providing information on financial terms.
Jean-Claude Ricomard will retain his position as chairman and work to ensure that Les Tanneries Roux continues to follow its successful growth strategy in the years ahead.
The acquisition provides the latest evidence of LVMH’s drive to expand its expertise in the leather goods segment. In 2009, the company established Les Tanneries de la Comete SA in a joint venture partnership with Tannerie Masure. Last October, LVMH bought a 51% stake in Singapore-based Heng Long International Ltd, one of the leading global suppliers of crocodile skins.
Les Tanneries Roux was set up in 1803 in Romans-sur-Isere. The French group is considered the pioneer in the use of calf skins, whose smooth and supple quality makes them very suitable for high-end leather products. In the past two decades, Les Tanneries Roux has counted among its partners the likes of Louis Vuitton, Christian Dior, Loewe, Celine and Moynat.
Present-day LVMH was created in 1987 through the merger of Moet Hennessy and Louis Vuitton. The French conglomerate owns a vast portfolio of luxury brands, among them Christian Dior, Givenchy, Dom Perignon, Dona Karan and Kenzo.