LVMH Forms U.S. Watch & Jewelry Group

April 6, 2000

LVMH Forms U.S. Watch & Jewelry Group

TAG Heuer's Springfield, NJ, offices are to be the headquarters of the newly created LVMH Watch & Jewelry USA, which will distribute most LVMH watch and jewelry brands in North America.

Effective June 1, Christian Dior and Fred Joaillier will join the LVMH division, set up by parent Moet Hennessy Louis Vuitton, the Paris-based luxury goods company.

Benedom Inc. of New York City has distributed Christian Dior and Fred Joaillier since January 1999. Benedom chief Steven Kaiser agreed to sell his shares in Benedom Inc., a subsidiary of LVMH, and cede the two brands to LVMH's new division.

"Benedom has successfully established a solid foundation for Christian Dior and Fred Joaillier, and I am very optimistic about the future of the brands under the leadership of the LVMH Watch & Jewelry USA group," says Kaiser. He will stay to oversee the "smooth transition" of the two brands to LVMH Watch & Jewelry USA, which also heads distribution for TAG Heuer and the Chaumet luxury watch brand in the U.S.

Susan Nicholas, formerly head of TAG Heuer in the U.S., will oversee the group. Ebel, another LVMH brand, remains an independent subsidiary and will continue to be based in its current New York City offices.

- by Michael Thompson