The De Beers group and LVMH Moet Hennessy Louis Vuitton S.A. are pleased that the European Commission has given its green light to their planned jewelry retailing venture. This step resulted from a constructive dialogue with the Commission.
De Beers and LVMH look forward to the exciting opportunities for the new, independent company as it unlocks the potencial in the De Beers brand name with the benefit of LVMH's renowned expertise in developing and distributing luxury brands.
The new, independently operated company, owned 50-50 by LVMH and De Beers, will be headquartered in London. Myron Ullman, Managing Director of LVMH, will be the first Chairman of the Board, and Alain Lorenzo, formely CEO of eLUXURY and of Parfums Givenchy, will be CEO of the new company, leading it into the next phase of defining strategy and targeting store locations.