LVMH, the luxury group owned by Bernard Arnault and family, has acquired Hublot group, the Geneva-based luxury watchmakers. Hublot was founded by Carlo Crocco in 1980, and LVMH will acquire it from both Crocco and a company controlled by Jean-Claude Biver, which has managed Hublot since 2004.
"I am happy that Hublot, an innovative brand since its creation, is joining the LVMH group, the world leader in luxury goods, whose creative passion is without any doubt a value that I have always shared," said Crocco.
Hublot posted revenues in excess of €93 million in 2007, but LVMH said in a statement that it expects "a very significant increase in revenue in 2008." Much of this growth is expected to come from China and India, where the Hublot brand has recently been launched.
Hublot watches include the Big Bang collection, which features the firm's unique fusion of unusual materials including gold tantalum and rubber. The acquisition is a natural fit for LVMH, whose stable of watch brands already includes TAG Heuer, Zenith, Dior Montres, Louis Vuitton watches sold exclusively in Louis Vuitton stores, and the watch collections of jewellers Chaumet, Fred and De Beers.