De Beers/LVMH Jewellery Venture Receives EC Clearance.Business Editors PARIS--(BUSINESS WIRE)--July 25, 2001 The De Beers Group and LVMH LVMH Moët Hennessy-Louis Vuitton (upscale retailer) Moet Hennessy-Louis Vuitton S.A. are pleased that the European Commission European Commission, branch of the governing body of the European Union (EU) invested with executive and some legislative powers. Located in Brussels, Belgium, it was founded in 1967 when the three treaty organizations comprising what was then the European Community has given its green light to their planned jewellery 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 potential in the De Beers brand name with the benefit of LVMH's renowned expertise in developing and distributing luxury brands. Notes to Editors: The new, independently operated company, owned 50-50 by LVMH and De Beers, will be headquartered in London. Myron Ullman, Group Managing Director of LVMH, will be the first Chairman of the Board, and Alain Lorenzo, formerly CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of eLuxury and of Parfums Givenchy Parfums Givenchy (pronounced [ʒivɑ̃ʃi]) is a French brand of Parfums, Cosmetics (Make up and skincare). , will be CEO of the new company, leading it into the next phase of defining strategy and targeting store locations. |
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