October 21, 1999
LVMH Buys Ebel
LVMH Moet Hennessy Louis Vuitton, the French luxury goods group, announced yesterday it bought Swiss watchmaker Ebel and French jeweler Chaumet for an undisclosed amount.
LVMH was the leader in the competition for Ebel after Swatch Group gave up its bid, saying the asking price was too high, according to the Associated Press. Ebel and Chaumet were formerly owned by InvestCorp, an investment fund.
LVMH made headlines in September when it purchased TAG Heuer for $746 million. The group also owns such luxury jewelry and watch brands as Christian Dior and Fred Joaillier. (Read related story.)
- by Stacey King