De Beers buys out LVMH, now owns all of retail chain

Rob Bates

De Beers has bought out longtime partner LVMH and now owns 100 percent of the De Beers Diamond Jewellers retail chain. No price was given.

The diamond giant and luxury giant have been 50-50 partners in the joint venture since it was first announced in 2001. The chain, meant to take advantage of consumer awareness of the De Beers name, opened its first store in London that year.

Initial expectations were heady, with the partners reportedly kicking in $250 million apiece, and executives talking about opening as many as 150 stores.

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Source JCK Online