Explore the dynamic intersection of luxury and fine jewellery as ateliers and esteemed houses attract major players in the booming sector. In a groundbreaking move on November 6, Kering-owned Boucheron acquired four Parisian workshops—Blondeau, Belter, Chanson, and FG Développement—forming the CG Développement group, a powerhouse specializing in fine jewellery.
The surge in interest mirrors the broader trend in the luxury goods industry. According to Bain & Company’s study for Altagamma, the fine jewellery segment, valued at approximately 28 billion euros, experienced an impressive 37% growth between 2019 and 2022. Italy, with a market worth €13.2 billion, showcased a remarkable year-on-year growth of 22.1% in 2022 and an impressive 55.3% in 2021.
Luxury houses, inspired by pioneers like Chanel Group, Christian Dior, and Louis Vuitton, are crafting their own fine jewellery lines. This strategic move involves significant investment in the supply chain, aligning with the industry’s approach to sustainability and production chain security.
In the quest for excellence, luxury labels are acquiring highly qualified workshops in France and Italy. Luca Solca, an analyst at Bernstein, highlights the challenges faced by smaller luxury jewellery brands in securing specialist manufacturers, many of whom have been absorbed by industry giants like Cartier, Tiffany, and Bulgari.
Rumors of potential acquisitions, such as Kering’s interest in Milan-based jeweller Vhernier, add intrigue. Major players like LVMH and Richemont closely monitor key suppliers to fortify their supply chains.
Toni Belloni, Deputy CEO of LVMH, acknowledges the brilliance of specialized suppliers, stating, «We have realized that in some highly specialized areas, our suppliers are often better than us.» This sentiment is reflected in LVMH’s recent acquisitions, including the Pedemonte Group in Italy, and majority stakes in Platinum Invest Group, enhancing production capacity for Tiffany & Co in France.
As the luxury landscape evolves, brands like Bulgari, Cartier, and Damiani make substantial expansions in production facilities, reinforcing their commitment to craftsmanship and innovation. The narrative of the fine jewellery sector unfolds against the backdrop of a constantly evolving luxury tapestry. Explore the allure of heritage and progress in this captivating journey.
